Market Analysis - Exploring Multifamily Sales in Bartow County, GA

Analyzing Multifamily Sales in Bartow County, GA

In recent years, Bartow County has seen significant activity in its multifamily real estate market. Let's take a closer look at some notable sales to gain insights into the trends shaping the local landscape.

1. The Archer Apartments

   • Location: 5360 Allatoona Gateway, Acworth, GA 30101

   • Size: 315 units ranging from 707 to 1455 square feet on 22.95 acres

   • Year Built: 2019 and 2020

   • Sale Date: 9/13/2023

   • Sale Price: $83,341,000

   • This modern complex boasts 315 units spread across 12 buildings on expansive grounds spanning 22.95 acres. With units ranging from 707 to 1455 square feet, it caters to a wide range of tenant needs.

   • The sale price of $83,341,000 translates to approximately $264,620 per unit, reflecting the premium value attributed to newer, larger-scale developments.

   • Tax Card

2. The Vineyard Apartments

   • Location: 11 Sheffield Place, Cartersville, GA 30121

   • Size: 152 units ranging from 850 to 1200 square feet on 12 acres

   • Year Built: 1997

   • Sale Date: 6/8/2022

   • Sale Price: $36,850,000

   • In contrast to The Archer, The Vineyard Apartments offer 152 units nestled within 19 buildings on 12 acres of land. Units range from 850 to 1200 square feet, providing ample living space for residents.

   • Sold for $36,850,000, the average price per unit stands at approximately $242,434, demonstrating the enduring appeal of well-established multifamily properties.

   • Tax Card

3. Rosewood Apartments

   • Location: 531 Grassdale Road, Cartersville, GA 30121

   • Size: 148 units ranging from 576 to 1170 square feet on 9.63 acres

   • Year Built: 1990

   • Sale Date: 6/8/2022

   • Sale Price: $35,150,000

   • With 148 units situated on 9.63 acres, Rosewood Apartments offer a more intimate living experience. Units range from 576 to 1170 square feet, providing versatility for tenants.

   • The sale price of $35,150,000 equates to an average price per unit of approximately $237,331, highlighting the value proposition of mid-sized multifamily complexes.

   • Tax Card

4. Icon Cartersville Apartments

   • Location: 50 Stone Mill Dr SE, Cartersville, GA 30121

   • Size: 176 units ranging from 774 to 1277 square feet on 11.87 acres

   • Year Built: 2010

   • Sale Date: 5/19/2022

   • Sale Price: $45,000,000

   • This newer development comprises 176 units spread across 11.87 acres, offering modern amenities and spacious living areas ranging from 774 to 1277 square feet.

   • Sold for $45,000,000, the average price per unit comes to around $255,682, showcasing the premium commanded by well-appointed, contemporary multifamily properties.

   • Tax Card

Key Insights:

• Diverse Portfolio: These properties offer a range of unit sizes and amenities, catering to various tenant preferences.

• Age Variability: The age of the properties varies significantly, with some built in the 1990s and others more recently in 2010 and beyond. This diversity reflects the evolving needs of renters in Bartow County.

• Sale Prices: While sale prices vary, there is a clear indication of value across the board, with significant investments made in the multifamily sector.

• Stability and Growth: Bartow County continues to attract investors due to its stability and potential for growth, making it an attractive market for multifamily investments.

Key Comparisons:

• Average Price Per Unit: Across these properties, the average price per unit ranges from approximately $237,000 to $265,000, reflecting the diversity of offerings and investor preferences in Bartow County.

• Age and Amenities: While newer developments like The Archer and Icon Cartersville command higher prices per unit, older complexes like The Vineyard and Rosewood offer competitive pricing and established communities.

• Location Dynamics: Each property's location within Bartow County influences its appeal and pricing, with proximity to amenities, employment centers, and transportation hubs playing a significant role.

Conclusion:

In conclusion, the multifamily market in Bartow County, GA, presents a mix of opportunities for investors, with properties of varying sizes, ages, and amenities. Understanding these trends can help investors make informed decisions and capitalize on the evolving landscape of the county's real estate market.

Stay tuned for more in-depth analysis and insights into multifamily real estate trends in Bartow County and beyond.