Login
New User
Your Profile

Ashgrove

A 92-Unit Multifamily Asset | Stone Mountain, Georgia


Property Highlights:

Year Built / Renovated: 1984 / N/A
Number of Units: 92 Units
Average Square Feet: 638 SF
Total Square Feet: 58,752 SF

Site Details

Site Size / Density: 4.3 Acres; 21.2 Units per Acre Parking: Ample

Unit Features

  • Fully-equipped Kitchen
  • Frost-free Refrigerator with Icemaker
  • Open Breakfast Bar*
  • Built-in Bookshelves*
  • Patio
  • Raised Ceiling in Living Room
  • Washer/Dryer Connections
  • Laundry/Utility Room
  • Attic Storage
  • Ceiling Fan(s)*
  • Window Blinds
  • (* In select units)

Community Amenities

  • Leasing Office
  • Mail Kiosk
  • Mature Landscaping
  • Within Walking Distance of Bus Line

Investment Highlights:

  • Well-occupied asset with strong in-place cash flow offering immediate returns. Offered all cash or as an assumption of debt.
  • Cardinal-style construction featuring recent capital infusion, excellent exterior condition, and clean interiors.
  • Rent comparables support an interior value-add opportunity by upgrading kitchen, flooring, and removing bookshelves.
  • Low-cost provider in the market attracts elderly residents with a below-market turnover rate.
  • Smaller unit sizes provide efficiencies in expenses and higher rent per square foot.
  • Convenient to new Amazon distribution center in Stone Mountain.
  • According to RealPage, the Stone Mountain submarket saw an annualized rent change of +11.6% and annualized revenue change of +12.9% in Q1 2021.
  • Within a three-mile radius of the property, the median household income is $47,559.
  • The subject is located just off Rockbridge Road (16,600 vehicles per day) and close to Memorial Drive (40,800 v.p.d.) providing residents quick access to I-285 (202,000 v.p.d.), which facilitates quick commutes to major metro employers.
  • The subject is one mile east of the Clarkston campus of Georgia State University‚Äôs Perimeter College, and two miles from the DeKalb County government complex. It is within six miles of major DeKalb employment hubs: Emory University and Hospital, CDC headquarters, Emory Decatur Hospital, and downtown Decatur.
  • Convenient to bus lines and rapid rail stations.

To access more detailed information about this property such as the Offering Memorandum PDF or other documents please Log in or Register.

Contact Information


Barden Brown

Senior Managing Director
678-894-2221
barden@brownra.com

Taylor Brown

Managing Director
678-894-2219
taylor@brownra.com

Chandler Brown

Director, Multifamily Sales and Lending
678-894-2225
chandler@brownra.com

Bo Brown

President and CEO
678-894-2216