A 280-Unit Multifamily Asset | Austell, Georgia
Year Built / Renovated: 1972 / 2018
Number of Units: 280 Units
Average Square Feet: 1,010 SF
Total Square Feet: 282,960 SF
Site Size / Density: 24.1 Acres; 11.6 Units per Acre Parking: Ample
- Fully-equipped Kitchen
- Faux Granite Countertops*
- Frost-free Refrigerator with Icemaker
- Separate Dining Area
- Washer/Dryer Connections
- Laundry/Utility Room*
- Faux Wood Vinyl Flooring
- Walk-in Closet(s)*
- Window Blinds
- (* In select units)
- Clubhouse/Leasing Office
- Controlled Access Gate
- Swimming Pool
- Tennis Courts
- Picnic and BBQ Area
- Community Lake
- Laundry Center
- Mail Kiosk
- Premier Apartments is a desirably-sized property consisting of 280 units, which provides economies of scale for operations.
- The property is located in desirable Cobb County. Over the last year, the South Cobb County/Douglasville submarket has seen annualized rental rates improve by 8.1% and annualized revenue change by 10%, which is the highest rent change and annualized revenue change in all of Metro Atlanta.
- Rent comparables support an additional $165-$220 in rent premiums through the continued renovations of the remaining 120 units which have not been fully upgraded.
- Significant loss to lease upside can yield an additional $260,000+ in revenue by rolling through the rent roll at today’s rental rates.
- Collection figures have improved steadily since renovations began and occupancy is up to 85% on total units and 94% on available units
- A recent multimillion capital infusion of allows a new investor to benefit from new windows and French doors throughout the entire property, full renovations to 64 units, landscaping and site improvements, and a steady improving occupancy.
- Attractive architecture with pitched roofs, exterior breezeways, patio/balconies for each unit, and floorplans that average over 1,000 SF.
- The property has 16 offline units and will drastically improve revenue when brought back to the rental pool. Eight of these units are down due to a fire and are currently under renovations. These units are expected to be rent ready by April 2019.