Eastpark Village | Kennesaw, Georgia 57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
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Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Downtown Kennesaw
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
This is a Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of
the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of
affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective
investors may require to evaluate a purchase of real property. Any site plans, financial projections, and information are provided for general reference
purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of
the Owner and Avalon Real Estate Partners, LLC. Therefore, all projections, assumptions and other information provided and made herein are subject to
material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity
to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents are described
in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested
parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this
Memorandum in any manner.
Neither the Owner or Avalon Real Estate Partners, LLC, nor any of their respective directors, officers, affiliates or representatives make any
representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal
commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your
investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to
terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall
have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written
agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s
obligations therein have been satisfied or waived. Avalon Real Estate Partners, LLC is representing the Seller, not the Purchaser, in this transaction and
will be paid by the Seller, not the Purchaser. Any cooperating Broker shall have written exclusive authorization from Purchaser and co-op commission, if
any, to be paid by purchaser.
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 2
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
THE OPPORTUNITY
▪ 57 acres available.
▪ Fully entitled for 850 residential units.
▪ Conceptual plan includes:
▪ 238 townhomes
▪ 610 apartments (senior and market – surface parked)
▪ Retail
▪ Hotel
▪ Storage
▪ Office
▪ SPLOST project will widen Cherokee Street to 5 lanes and Site is being marketed for the sale of the entire site,
connect to Downtown Kennesaw via a new pedestrian path. or the seller will consider offers for different
components (for-sale, senior multi-family, market
Fully funded and scheduled 2Q-2019.
multi-family, retail).
▪ Convenient to new Big Shanty I-75 interchange, with direct
access to new Northwest Corridor Express Lanes. Zoning, DRI, and due diligence info can be provided
upon request.
▪ Very close to Kennesaw State, a growing university with
more than 35,000 students.
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 3
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
SPECIAL DISTRICTS, PER ZONING
* Special Districts explained in more
detail on the following page. ZONING IS NOT SITE PLAN SPECIFIC.
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 4
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
SPECIAL DISTRICTS & USES
District 1: (+ 23 acres)
388 Multifamily Units,
• The site is zoned by special districts,
Retail, Office,
whose approximate outlines are shown Storage, Hotel
on the map.
• The zoning is not site plan specific.
District 6:
• Residential is capped at 850 units, but
38 townhomes
product mixes are flexible. on 4.84 acres
• Quantities shown on the district map
are as drawn on the latest plan dated
07/25/2018 and are conceptual.
District 2:
222 multifamily
units on 9.1 acres
District 4:
1.28 acres of
mixed use small
commercial
District 3:
200 townhomes
on 13.4 acres
District 5:
3.34 acres of
greenspace
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 5
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
EASTPARK VILLAGE
Nearby Points of Interest
LOCATION
WEST22 – Student Kennesaw State
Housing University
Burnt Hickory
Brewery
Pinetree
Country Club
Multi-use path to
downtown.
Downtown Kennesaw Construction to
10+ restaurants commence 2Q19. Big Shanty -- access to
Northwest Corridor
Express Lanes
Revival on Main Multifamily–
97% occupied
1 BR renting $2.03/sf
2 BR renting $1.70/sf
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 6
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Senior/55+ Multifamily Market
There are few 55+ multifamily projects delivering in this submarket. The closest senior multifamily is Overture Barrett, and
Greystar has reported this is a top performing asset. Demographics also point to an affluent 55+ population in the submarket.
Senior Multifamily Recent Comps
Rent/
Facility Address Development Land Price Acreage Units Price/Acre Price/unit Notes
SQFT
Sterling Estates of Quoted rents are detached
Marietta Sterling Estates $5,547,700 27.0 197 $205,394 $28,161 $3.57
West Cobb cottages, sans initiation fee.
Dogwood Forest of
Acworth Solomon $5,922,000 8.8 181 $674,487 $32,718 Under Construction. NA
Acworth
Overture Powers Close pending LDP. Contract
Cumberland Greystar $5,440,000 +5 171 $1,088,000 $31,813 $2.95
Ferry price - $32,000/door.
A top performing asset for the
Overture Barrett Kennesaw Greystar $5,038,200 8.1 190 $622,000 $26,517 $2.35
company.
Household Income by Age
Under 45 Age 45-54 Age 55-64 Age 65-74 Age 75+
▪ 32% of households are aged 55+
Household Totals 12,942 5,630 4,351 2,619 1,598 ▪ 47% have household incomes over
% of Total Households 47.69% 20.74% 16.03% 9.65% 5.89% $75,000 / year
Income $75,000 - $99,999 1,917 894 593 390 158
▪ 34% have household incomes over
Income $100,000 - $124,999 1,278 779 528 274 107
$100,000 / year
Income > $125,000 1,940 1,678 1,235 552 227
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 7
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Multifamily Market
This is an unprecedented opportunity to acquire fully entitled multifamily land in Downtown Kennesaw. As of October 28,
2018 there are no other approved multifamily zonings in or around Downtown Kennesaw.
Revival on Main, built 2016 in Downtown Kennesaw (250 apartments and 11,000 square feet of retail space) rents 1
bedrooms for $2.03/SF and 2 bedrooms for $1.70. These apartments are 97% occupied.
REVIVAL ON MAIN RENTS
SF RENT $/SF
1 BR 780 $1,550 $1.99
1 BR 638 $1,480 $2.32
1 BR 638 $1,370 $2.15
1 BR 853 $1,500 $1.76
AVG 727 $1,475 $2.03
2 BR 1055 $1,650 $1.56
2 BR 1055 $1,635 $1.55
2 BR 1076 $2,265 $2.11
2 BR 1141 $1,915 $1.68
2 BR 1141 $1,875 $1.64
2 BR 1141 $1,925 $1.69
2 BR 1115 $1,900 $1.70
AVG 1103 $1,881 $1.70
Revival on Main, Kennesaw – 97% occupied
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 8
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Comparable For-Sale Subdivisions
Townhomes in nearby communities support the vision of Eastpark Village. Apart from these communities, there are very few new for-
sale opportunities in such proximity to KSU and Downtown Kennesaw.
(1) Terraces at Depot Park – Fortress Builders
• 38 20’ 3 story townhomes
• Average sale prices - low $300s
• Recently opened for sales
• 11 homes closed in first quarter open for sales (3Q18)
(2) Village at Fullers Chase – Traton
• 28 20’ 3 story townhomes
• Advertising from low-mid $300s.
• Has not opened for sales yet.
(3) Cantrell Crossing – Kerley
• 70 20’ 3 story townhomes
• Coming Soon – Pricing not released
(4) Prichard Park – Piedmont Residential
• Neighborhood is Coming Soon
• Planned for 30 THs and 56 condos on 4.85 acres
Terraces at Depot Park townhomes
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 9
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.com
Eastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Kennesaw Demographics Support Mixed-Use Development
Walkable downtowns are catalysts for new development and population
growth, attracting everyone from millennials to downsizing empty nesters.
Downtown Kennesaw is no different, with a growing and walkable town
center home to museums, shopping and over 10 restaurants.
Woodstock and Marietta are two sought after submarkets with well
established and bustling town centers. Both markets have seen notable
development activity in this cycle, including new restaurants and retail as
well as high end townhomes and new apartments.
Below is a comparison of Kennesaw demographics to Marietta and Woodstock.
Kennesaw features favorable demographics to both, indicating a population Fountain in Marietta Square
that can support more restaurants, retail, and housing stock.
DEMOGRAPHIC COMPARISON Kennesaw Woodstock Marietta
2018 Q3 Pop 74,174 59,285 60,403
2018 Q3 HHs 26,796 21,702 23,229
2018 Q3 Pop Age 20-64 63% 79% 78%
2018 Q3 Pop Age 65+ 6,638 7,170 7,187
2018 Q3 Average Age 35 37 36
2018 Q3 Average HH Income $87,859 $94,391 $72,427
HHs with incomes over $100k 32% 36% 23%
Renter percentage 33% 27% 49%
More rooftops than Marietta and Woodstock, with a slightly younger population Downtown Woodstock
overall, and with high incomes. (3 mile radius searched)
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8776 Atlanta, GA 30326 1
Direct: 404.504.8793 Direct: 404.504.8791
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771 0
www.avalonrepartners.comEastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Site Pictures – looking north over District 1 and District 6
WEST 22
(Student Housing)
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 11
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.comEastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Site Pictures – looking south towards downtown Kennesaw, over total site
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 12
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.comEastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Site Renderings (Video animations can be viewed here)
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 13
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
www.avalonrepartners.comEastpark Village | Kennesaw, Georgia
57 + Acres, Fully Entitled for Mixed-Use in Downtown Kennesaw
Location Map
Brent Story Alex Holt Brooks Battle 3340 Peachtree Road · Suite 1660
Direct: 404.504.8793 Direct: 404.504.8791 Direct: 404.504.8776 Atlanta, GA 30326 14
bstory@avalonrepartners.com alex@avalonrepartners.com bbattle@avalonrepartners.com P: 404.504.8793 · F: 404.504.8771
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