Greybrook¹ announced today the acquisition of a 352-unit garden-style apartment community in the Metro Atlanta region south of the City of Atlanta in Georgia for the purchase price of US$42,900,000. Greybrook will oversee the execution of an enhancement program for the property that will involve updating the apartments, investing in the common areas and property grounds, and introducing a new property management team that will improve tenant services and operational efficiency.
The garden-style apartment community is located within College Park, in Clayton County, and is comprised of 39 two-storey buildings on 32.7 acres of heavily-treed land, offering privacy and greenery throughout the community. The property offers residents ample amenities, including a clubhouse, an outdoor pool, a playground, and a fitness center. Additionally, the property is ideally located near a middle school and a high school, a shopping center, and a farmer’s market.
The property is just a short drive to major employers, including the nearby Hartsfield-Jackson Atlanta International Airport, the busiest airport in the world by total passengers and home to Delta Airlines’ headquarters, representing Georgia’s largest job base. The airport employs over 63,000 people on-site and generates over 448,000 jobs in the Southeast or 20% of the jobs in the region. The airport is also expected to grow significantly, with a $6 billion capital improvement plan currently underway. Surrounding the airport is Wells Fargo Operations Center, Chick-fil-A’s headquarters, and Porsche North American headquarters, and a robust retail/business district, bringing significant employment opportunities to the district. The property is also less than a half-hour drive from Downtown and Midtown Atlanta.
Supported by significant population growth and boosted by an influx of in-migration in recent years, Metro Atlanta has established itself as a major growth hub within the Southeast United States, with the metro population up 15.9% over the past decade (2012 to 2022), substantially outpacing the national growth rate of 6.6% over the same time frame. With nearly 80% of the nation’s population within a two-hour flight to Atlanta, the city has long been a transportation hub and key supply chain and logistics leader in the country. Emerging as a hot spot for corporate relocations and large regional and technology hubs, Atlanta is home to 31 of 2022’s Fortune 100 companies and ranked third in the nation for Fortune 500 companies. Workers are drawn to career opportunities across the region’s thriving industries: logistics and supply chain, healthcare, information technology, fintech, and advanced manufacturing.
“The Atlanta Metropolitan region is benefiting from accelerating population and labour market growth; as such, consistent rental demand and rent growth are expected to persist,” noted Karl Brady, Chief Financial Officer, Greybrook Realty Partners. “With current rents for each property sitting at below market value relative to comparable units in the vicinity, we believe an opportunity exists to meaningfully increase the property’s value and the tenant experience through the roll-out of a well-executed value-add program to reposition the asset.”
This news release contains forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties, which could cause actual results to differ from those contemplated or implied by such forward-looking statements. We are under no obligation to update or revise any forward-looking statements contained herein, whether as a result of new information, future events, or otherwise.
(1) Property was acquired by Atlanta Value-Add Property LP, an indirect subsidiary of Greybrook.