Cumberland Crossing, MARIETTA, GA
Overview: Cumberland Crossing Apartments is located in the City of Marietta, GA, in a residential community with various retail and office developments in close proximity, including the Cumberland Mall. The property is easily accessed from both I-75 and I-285 and is less than three miles from the future home of the Atlanta Braves. WRG acquired the asset in January 2011 via a loan assumption and recapitalization. At the time, the asset was 45% occupied and suffered from severe physical neglect and inferior asset management. Upon takeover, WRG completed substantial project improvements, including the renovation of over half of the units and adding laundry facilities, a fitness center and an internet business center. Since taking over the property, WRG has grown occupancy to 94%, improved Total Income by 240% and Net Operating Income by 432%.