Marietta finalizes fourth apartment complex purchase

The Marietta City Council agreed by a vote of 5-1-1 Wednesday to buy the fourth apartment complex in the Franklin Road area.

Councilman Anthony Coleman was opposed and Councilman Philip Goldstein was absent.

The council is offering to buy Marquis Place Apartments at 1019 Franklin Road from Marquis Place Holding for $17.3 million.

With this purchase, the city’s Communications Manager Lindsey Wiles told The Atlanta Journal-Constitution the city will own around 90 adjacent acres to market to businesses.

However, she said apartment residents will be assisted by the Marietta Housing Authority in finding new residences, but they will not be given money.

While they cannot renew their leases, these apartment residents can stay until their leases have expired, Wiles said.

So far, Preston Chase Apartments at 1034 Franklin Road was torn down in 2010.

Both with “a lot of asbestos,” Wiles said Woodlands Park Apartments at 861 Franklin Road is in the process of being torn down while Flagstone Village Apartment residents at 849 Franklin Road are awaiting the expiration of their leases.