Life at Greenbriar
376 Units - Atlanta, GA
Year Built / Renovated: 1971 / 2021
Number of Units: 376 Units
Average Square Feet: 928 SF
Total Square Feet: 349,259 SF
Site Size / Density: 23.3 Acres; 16.1 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Black Appliances
- Faux Granite Countertops*
- Frost-free Refrigerator
- Separate Dining Area
- Linen Closet*
- Faux Wood Vinyl Flooring
- Walk-in Closet(s)
- Six-panel Interior Doors*
- Window Blinds
- (* In select units)
- Clubhouse/Leasing Office
- Controlled Access Gate
- Laundry Center
- Dog Park
- Mail Kiosk
- On Bus Line
- The Life at Greenbriar is a significantly improved 1971-built multifamily asset consisting of 376 units.
- The property offers solid architectural bones with low-maintenance brick and vinyl exteriors and pitched roofs with architectural shingles.
- With a recent infusion of $4M+ in capex and upgrades, including new roofs, the property is in excellent condition with proven renovation premiums.
- The current owner upgraded 65 units. An additional 14 units are down and will be fully renovated and brought online before closing.
- A new owner can continue proven interior upgrades on the remaining 297 units and charge rents of $1,110 - $1,440, a $355 average increase over the average in-place rents of $944.
- Large demand for rentals is indicated by 27 pre-leased units
- There are 14 units offline that are currently being renovated by the owner and are expected to be completed in October 2021.
- A newly renovated leasing office will be online October 2021.
- Recent installation of low-flow toilets shows $22k/month in new forward looking expense
- The average household income is over $60,000 within a three-mile radius of the property.
- As of Q2 2021, the South Atlanta submarket enjoyed 8.8% annual rent growth and 9.7% annual revenue growth according to RealPage.
- Close to 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.