Century Perimeter Park
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Century Perimeter Park 6210 Peachtree Dunwoody Road, Sandy Springs GA 30328 MULTIFAMILY INVESTMENT OFFERING
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Transcript of Century Perimeter Park
Century Perimeter Park6210 Peachtree Dunwoody Road, Sandy Springs GA 30328
MULTIFAMILY INVESTMENT OFFERING
Dr
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Peachtree-Dunwoody Road
285
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45
6
7 8
910
Perimeter Center W
3
Ashford Dunwoody Road
Jones Lang LaSalle has been retained to arrange the sale of Century Perimeter Park (the “Property”), a 298-unit, Class A, garden-style apartment community located in the heart of the Perimeter Center submarket of Atlanta.
Unmatched Location: The Property is located within the largest employment hub of Atlanta, Perimeter Center, with 27 million SF of offi ce space and 115,000 employees. In addition, the Property enjoys close proximity to Perimeter Center Mall, three major hospitals, three MARTA rail stations, and seven Fortune 1,000 headquarters. With excellent drive-by visibility off Peachtree Dunwoody Road and an unparalleled location within the submarket, the Property’s location allows for superior connectivity and access to I-285 and GA 400.
Excellent Demographics: With average household incomes exceeding $100,000 and average housing values exceeding $380,000 within a three-mile radius of the property, Perimeter Center is one of the most affl uent submarkets in all of Atlanta.
Hotspot for Job Growth: One out of every three Century Perimeter Park residents works just across the street at Cox Communications, the fourth-largest employer and largest privately-held company in Atlanta. Cox is currently expanding its 28-acre campus to include a 600,000 SF offi ce building. When completed in 2012, the expansion will create an additional 1,000 jobs.
► CENTURY PERIMETER PARK Property Summary6210 Peachtree Dunwoody RoadAtlanta, GA (DeKalb) 30328 Year Completed 1998No. of Apartment Homes 298Net Rentable Area (SF) 332,042Avg. SF per Unit 1,114Effective Monthly Rent $1,047Effective Monthly Rent/SF $0.94Occupancy 97.0%Total Parking 489Parking Ratio 1.64Land Area (acres) 10.55Density 28.25
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345678910
Perimeter Mall
Cox Communications Campus
7000 Central Park
Atlanta Journal-Constitution
1155 Perimeter Center West
9000 Central Park
The Terraces
3 Ravinia
Crowne Point
Manhattan CondosParking G
arage
SITE MAP
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Peachtree-Dunwoody Road
285
2
45
6
7 8
910
Perimeter Center W
3
Ashford Dunwoody Road
Institutional Asset Quality: Built in 1998, the Property is a well-maintained, Class A community with 9’ ceiling heights, spacious floorplans and covered parking, all features that the area’s successful young professional demographic finds appealing.
Unit Features: The Property features a variety of spacious floorplans, large walk-in closets, two-piece crown molding, full-size washer/dryer connections, and ceiling fans. Top-floor units feature trey ceilings in living rooms. Cut-pile carpet is featured throughout living areas, and sheet vinyl flooring is in kitchens, bathrooms, and laundry rooms. Entryways feature ceramic tile flooring.
Property Features: The Property includes a clubhouse with a resident business center, 24-hour fitness center, swimming pool, sundeck and a gazebo with gas grill. There is also a resident media room with surround sound. The site has controlled-access entry gates with individual garage units, storage units and a landscaped courtyard.
Unit TypeNo. of Units Unit SF
Avg. Eff. Rent
Avg. Eff. Rent/SF
1 BD - 1BA 42 778 $845 $1.091 BD - 1BA 16 872 $845 $0.971 BD - 1BA 69 933 $885 $0.952 BD - 1BA 53 1,145 $1,080 $0.94
2 BD - 2BA 72 1,294 $1,145 $0.882 BD - 2BA 10 1,574 $1,233 $0.783 BD - 2BA 36 1,429 $1,390 $0.97
Subtotals/Averages 298 1,114 $1,047 $0.94
► PROPERTY HIGHLIGHTS
► INVESTMENT OPPORTUNITY
Organic Rent Growth: The Property has seen significant rent growth recently and is capturing $85 or 10% increases for its new leases. This increase is largely attributable to improvement in market occupancies which are close to pre-recession levels of 95% and higher and with improving overall fundamentals for the apartment industry.
Repositioning Strategy: With rents in the submarket now approaching $1.40/SF for the newest Class A properties, there exists an opportunity for the Property to bridge the gap with its newer neighbors through a modernization program while still maintaining its competitive advantage in the market place for the price sensitive consumer. Below Replacement Cost: With the zoning loophole now closed, this infill property is priced well below replacement cost in one of the strongest employment submarkets and highest barrier to entry markets in the entire Southeast.
Based on May 10 LRO Daily Pricing.
Fulton CountyAirport
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PERIMETER PARK
™
ATLANTA Derrick Bloom
Managing Director 404.995.2287
David GuttingManaging Director
Vince LeflerSenior Vice President
Porter Jones Vice President
Jones Lang LaSalle Americas, Inc.3344 Peachtree Road NE, Suite 1200
Atlanta, Georgia 30326
EXCLUSIVELY PRESENTED BY JONES LANG LASALLE
FOR MORE INFORMATIONPLEASE CONTACT:
