1890 Adams House
A 328-Unit Multifamily Asset, Atlanta, Georgia | 1890 House: 176 Units, Adams House: 152 Units
Site Size: Acres
- Fully-equipped Kitchen
- Frost-free Refrigerator
- Fire Stops on all Vent Hoods
- Separate Dining Area*
- Washer/Dryer Connections*
- Faux Wood Vinyl Flooring
- Spacious Closet(s)
- Ceiling Fan(s)*
- Window Blinds
- (* In select units)
- Leasing Office
- Laundry Centers (3 at each phase; 6 total)
- Fenced Community Green Area
- Mature Landscaping
- Mail Kiosks
- Bus Stop at Entrance
- Immediately Adjoins YMCA
- Faces Public Golf Course, Library, and Adams Park (pool, tennis, baseball, etc.)
- 1890 Adams House is a desirably-sized property consisting of 328 units, which provides economies of scale for operations.
- The subject was acquired in two phases. The 1890 House phase consists of 176 and the Adams House phase consists of 152 units.
- Property lacks 0.8 low flow toilets and LED exterior building lighting package; their installation would help facilitate “green financing”
- The all-brick garden-style asset features pitched roofs and six distinct one- and two-bedroom floorplans.
- Highly sought-after asset consistently occupied at over 98%, with the opportunity to raise rents.
- Rents in the immediate submarket have increased 6% in the last two years.
- Opportunity to steadily burn off loss-to-lease and significantly boost collections by $280,000+.
- The asset is offered at an attractive price per unit compared to recent sales comparables.
- Close to new Tyler Perry Studios, Fort McPherson redevelopment site, MARTA rail line, and Smart Transit Corridor.
- Quick access to the I-75/I-85 Connector, Hartsfield Airport, the downtown business district, Georgia State University, and the Atlanta University Center.