Poorly maintained apartment complexes sold

Realty advisor notes benefifit of county’s work to revive area.

A trio of troubled apartment complexes in South Cobb is under new ownership after the former land-lord racked up dozens of violations for failing to maintain the properties.

Lexington Partners, LLC, a Connecticut-based real estate company, purchased Parkview Apartments, Kingsley Village and Hunters Grove for $ 36.5 million last month. The apartments are located on Riverside Parkway near Six Flags.

When the apartments were owned by Trinity Parkview, LLC, residents went public

with complaints about rats, mold, leaks, missing or broken smoke alarms, and poor management.

Cobb County ended up citing the landlord for 84 violations, and media coverage helped broaden support for new renter protections that were signed into law shortly thereafter.

Amid heightened scrutiny from the media and the county, the owners asked Grey stone Brown Real Estate Advisors to help them sell, according to Greystone’s

director of investment sales, Taylor Brown. Trinity

Parkview spent about $1.5 million on the properties to satisfy the county and get the citations dropped, he added.

But despite the apartments’ notoriety and the

millions more that will be required tomake them profitable, bidding was competitive, Brown said.

“It’s still Cobb County, which traditionally has better schools, lower taxes, lower

water rates,” he said.

Brown also said he saw the county’s investments in the area, which has a lower income than much of Cobb, starting to pay off. His company has recently sold six out of seven apartment complexes within a quarter-mile stretch of Riverside Parkway.

Count y investment s included buying and demolishing Magnolia Crossing, an apartment complex that faced similar issues, as well as improved landscaping around the highway exits, new medians, security cameras and fresh paving.

“There was a lot to like about what’s happening in the area,” said Brown, “You’re going to see all the apartments cleaned up. I think you’ll see a lot of changes.”

Donna Collins, senior regional manager for Lexington, said the company has begun renovations and plans to spend $3.5 million on capital improvements.