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Premier Apartments

A 280-Unit Multifamily Asset | Austell, Georgia


Property Highlights:

Year Built / Renovated: 1972 / 2018
Number of Units: 280 Units
Average Square Feet: 1,010 SF
Total Square Feet: 282,960 SF

Site Details

Site Size / Density: 24.1 Acres; 11.6 Units per Acre Parking: Ample

Unit Features

  • Fully-equipped Kitchen
  • Faux Granite Countertops*
  • Frost-free Refrigerator with Icemaker
  • Separate Dining Area
  • Patio/Balcony
  • Washer/Dryer Connections
  • Laundry/Utility Room*
  • Faux Wood Vinyl Flooring
  • Walk-in Closet(s)*
  • Window Blinds
  • (* In select units)

Community Amenities

  • Clubhouse/Leasing Office
  • Controlled Access Gate
  • Swimming Pool
  • Tennis Courts
  • Picnic and BBQ Area
  • Playground
  • Community Lake
  • Laundry Center
  • Mail Kiosk

Investment Highlights:

  • 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‚Äôs 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.

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Contact Information


Chandler Brown

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

Taylor Brown

Director - Multifamily Sales and Lending
678-894-2219
taylor@brownra.com