Lakefront Vista is a 222 unit, “B-Class” garden style, multifamily rental community, built in 1985. Lakefront Vista is located in highly desirable Northwest Atlanta in the city of Marietta (Cobb County) and is the nearest property to major area employers and economic generators including Lockheed Martin, Dobbins Air Force Base and Southern Polytechnic University. A $600,000 renovation was completed in 2012 and 2013 featuring interior unit renovations, exterior improvements as well as upgrades to the property amenities and clubhouse.
The property is located along South Cobb Drive less than three miles west of I-75 and I-285. Lakefront Vista provides tenants with great access to major highways , employers, and transportation systems. The Property has direct access to public transportation with a bus stop at the entrance to the community.
Well-designed units average a spacious 1,059 SF featuring sunrooms, large closet space, fully equipped kitchens with pass-through window, washer/dryer connections and ceiling sprinkler system. Lakefront Vista offers some of the largest floorplans in the submarket.
Lakefront Vista Apartments was sold for $17.3 million or $77,900 per unit on May 10, 2016. During the period in which Biscayne Atlantic owned and operated the property, occupancy increased from 87 to 97 percent and effective rents increased from $671 to $821 per unit per month. Biscayne Atlantic drove the property’s net operating income from $58,114 to $113,300 per month; a 201 percent increase. The transaction generated in excess of $4.6 million in net cash proceeds. When the sales profit is added to the quarterly distributed cash flow from operations during the holding period, the investment resulted in a deal level IRR of 33.3 percent or a return of 117 percent over a horizon of less than 3 years.