Crown Apartments with 160 units in Atlanta, Georgia

Crown Apartments is a multifamily apartment with 160 units across 15 buildings. It is located close to Campbellton Plaza Shopping Center (0.4 mi), West Atlanta Watershed Alliance (2.6 mi), and Cascade Springs Nature Preserve (2.7 mi).

This property sits on 3 acres of land with an average unit size of 670 square feet. The apartments were originally built in 1970 and were renovated in 2015, and include an office/leasing center, green spaces, and central courtyards.

Local schools include Cascade Elementary School (1.1 mi) with a 3/10 rating, Young Middle School (2.9 mi) with a 2/10 rating, and Mays High School (3.6 mi) with a 2/10 rating. Nearby colleges include Atlanta Metropolitan State (4.1 mi), Clark Atlanta University (4.1 mi), and Atlanta Technical College (4.2 mi).

The largest employers in the area include Wellstar Health System (3.0 mi), Kroger (4.2 mi), and Publix Super Market (9.6 mi). Nearby Fortune 500 headquarters include Delta Air Lines (3.7 mi), Coca-Cola (6.7 mi), and Southern Company (9.5 mi).

The business plan would be classified as a value-add strategy which in this case means major renovations, increasing rents, and increasing occupancy.

5 Highlights about this deal:

1. The property is being purchased for approximately $17 million.
2. The goal is to renovate and increase the average current in-place rent of $985 per unit to $1200 per unit which is still below the market average.
3. Unit amenities included are high-speed internet access, an eat-in kitchen, and a washer/dryer hookup.
4. Atlanta is home to 17 Fortune 500 companies.
5. The property location provides quick access to Atlanta's major economic and employment centers, including Downtown, Midtown, Hartsfield-Jackson, and more.