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Park Canyon

180 Units • Built in 1991 & 2021


Property Highlights:

Year Built / Renovated: 1991 / N/A
Number of Units: 180 Units
Average Square Feet: 766 SF
Total Square Feet: 138,003 SF

Site Details

Site Size / Density: 11.9 Acres; 15.2 Units per Acre Parking: Ample

Unit Features

  • Fully-equipped Kitchen
  • Stainless Steel Appliances*
  • Granite Countertops*
  • Frost-free Refrigerator
  • Built-in Microwave*
  • Open Breakfast Bar*
  • Separate Dining Area*
  • Patio/Balcony*
  • Washer/Dryer Connections*
  • Faux Wood Vinyl Flooring
  • Walk-in Closet(s)*
  • Six-panel Interior Doors*
  • Ceiling Fan(s)
  • Window Blinds
  • (* In select units)

Community Amenities

  • Clubhouse/Leasing Office
  • Two-tier Swimming Pool with Sundeck
  • Hot Tub
  • Laundry Center
  • Bicycle Racks
  • Pond
  • Nature Trails
  • Picnic and Grilling Area
  • Mail Kiosk

Investment Highlights:

  • Built in 1991, Park Canyon is a highly amenitized garden-style class B product consisting of 21 studio (14%), 77 one-bedroom (51%), and 53 two-bedroom units (35%) - total of 151 original Park Canyon units.
  • Current owner built 29 brand new units with luxury finishes including granite countertops & stainless steel appliances (first occupants moved in Jun 2021).
  • Park Canyon is a high performer in a supply-strained apartment submarket with strong demographics and housing values above $180,000 within one-mile radius.
  • Conveniently located near two major thoroughfares (I-75 and U.S. 41/U.S. 76 Dalton Bypass), less than one mile from Dalton State College and Hamilton Medical Center, multiple top industrial employers, two miles from the downtown Dalton business district (3,000 jobs), and strategically located within three miles of multiple large carpet and floor covering plants.
  • Affordability factor: rental rates average $1,115 per month at Crown Mill Lofts, Stone Brooke and Legacy of Dalton versus an effective occupied rental rate of $855 per month at Park Canyon, with significant room for the new owner to grow rents.
  • Value-Add: Seller has invested significant capital in the property, having invested $2.7M in building 29 units at The Phoenix, the newest part of Park Canyon, as well as various interior upgrades to only a small number of the original 151 classic units. The new owner can continue this successful value-add program across the remaining 126 units and/or enhance further with more cosmetic upgrades.
  • Meat on the bone: Current owner managed to maintain high occupancy and extremely low delinquency (even during the pandemic) while consistently pushing rents, which means the property has yet to reach a ceiling for organic rent growth.

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

Contact Information


Chandler Brown

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

Barden Brown

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

Taylor Brown

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