Junction at Vinings represents TruAmerica’s second acquisition in the Atlanta MSA. Atlanta continues to have a dynamic and growing economy, consistently ranking among the nation’s leading MSAs in job growth and market rent growth. The desirable Vinings/Cumberland submarket is home to a number of major employers, The Battery, a live-work-play destination centered around the Atlanta Braves’ SunTrust Park, and highly rated public schools. Junction at Vinings represents a true value-add opportunity with 264 apartment interiors featuring classic or near-classic finishes and the remaining units in need of selective upgrades such as vinyl flooring and washer/dryer installation. This provides an opportunity to renovate to a more modern finish level and achieve strong renovation premiums. TruAmerica also plans to enhance the community spaces by converting the unused cricket court into an amenity space and making improvements to the pool areas.
Junction at Vinings is a 360-unit property located in Smyrna, GA within the Atlanta MSA. The Property was built in two phases in 1983 and 1985 and consists of 37 two-story and three-story residential buildings on 30+ acres, providing an attractive low-density setting. The asset features an attractive unit mix of one-bedroom and two-bedroom homes with floorplans averaging 1,039 square feet. The apartments feature walk-in closets, washer and dryer hookups, and vaulted ceilings in the upper floor homes.
Junction at Vinings benefits from a prime location within both Smyrna and the broader Vinings/Cumberland submarket. The Property is located within three miles of the center of the Cumberland submarket, home to ample retail offerings, The Battery, and over 17 million SF of office space. Retail offerings in the area include major retailers such as Costco, The Home Depot, and Apple, and a Publix-anchored shopping center is located under 1.5 miles from the property. The Battery is in the midst of $1B of development, creating an attractive live-work-play atmosphere around SunTrust Park with numerous new restaurants and bars. The Property has direct access to I-285, also known as the Perimeter, one mile east. The Perimeter encircles the city of Atlanta, and connects with all major highways in the MSA, including nearby interchanges with Interstate 75 and Route 41, which lead to Marietta and the rest of Cobb County to the north and downtown Atlanta to the south. The Vinings/Cumberland submarket is home to a number of Fortune 500 companies, including Home Depot’s headquarters, located under 1 mile away from the property and the home office for 5,000 employees. Other Fortune 500 companies in the area include Comcast (new regional headquarters), Genuine Parts, and HD Supply (headquarters). Additionally, the Property benefits from Cobb’s County’s strong school system, including the nearby top-rated Teasley Elementary School.