The Life at Clifton Glen
CALL FOR OFFERS - DECEMBER 9th A 556-Unit Multifamily Asset | Stone Mountain, Georgia
Year Built / Renovated: 1972 / 2015
Number of Units: 556 Units
Average Square Feet: 1,324 SF
Total Square Feet: 736,640 SF
Site Size / Density: 32.6 Acres; 17.1 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Black Appliances*
- Stainless Steel Appliances*
- Frost-free Refrigerator
- Open Breakfast Bar*
- Separate Dining Area*
- Washer/Dryer Connections
- Laundry/Utility Room*
- Faux Wood Flooring
- Walk-in Closet(s)
- Separate Vanity Area*
- Ceiling Fan(s)
- Window Blinds
- (* In select units)
- Clubhouse/Leasing Office
- Controlled Access Gate
- Swimming Pool
- Fitness Center
- Resident Business Center
- Game Room
- Indoor and Outdoor Playgrounds
- BBQ/Picnic Area
- Mail Kiosks
- Mature Landscaping
- Convenient to Bus Lines
- Built in 1972 and renovated in 2015, The Life at Clifton Glen is a desirably sized asset consisting of 556 units providing economies of scale for operations.
- The property is composed of one-, two-, three- and four- bedroom units featuring some of the largest floorplans in the submarket which averaging 1,325 SF. The large multi-bedroom floorplans are popular among families.
- Units feature washer/dryer connections, patio or balcony, and total electric utilities.
- Opportunity to burn off roughly $160 loss to lease by turning over new leases at established rental rates.
- Upgraded units achieving roughly $150 - $250 rent increases
- Within a three-mile radius of the property, the median household income is $46,572.
- Property lacks 0.8 low-flow toilets and LED exterior building lighting package; their installation would help facilitate “green financing.”
- Offered at an attractive price per square foot, and well below replacement cost.
- Convenient to new Amazon distribution center (opening Q4 2020) in Stone Mountain that is expected to create 1,000 jobs.
- As of Q3 2020, the Stone Mountain submarket had 8.2% annual rent growth and 8.5% annual revenue growth.
- The subject is one mile east of the Clarkston campus of Georgia State University’s 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 stops located on Memorial Drive and Rockbridge Road, which link directly to rapid rail stations.