VERBENA GARDEN APARTMENTSimages2.loopnet.com/d2/OhHKNQ40_MKqDH2eeseJE-ikVIr... · VERBENA GARDEN...
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5 Confidential Offering Memorandum 2159, 2165, 2205, 2240, & 2245 Verbena Street | Atlanta, GA 30312 277 Unit Apartment Complex | 21 Buildings | 15.5 +/- Acres VERBENA GARDEN APARTMENTS 277 Unit Downtown Atlanta Apartment Community 21 Buildings | 15.5 +/- Acres Ty Underwood Managing Partner [email protected] direct:+01 678 595 7523
Transcript of VERBENA GARDEN APARTMENTSimages2.loopnet.com/d2/OhHKNQ40_MKqDH2eeseJE-ikVIr... · VERBENA GARDEN...
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Confidential Offering Memorandum2159, 2165, 2205, 2240, & 2245 Verbena Street | Atlanta, GA 30312
277 Unit Apartment Complex | 21 Buildings | 15.5 +/- Acres
VERBENAGARDENAPARTMENTS
277UnitDowntownAtlantaApartmentCommunity21 Buildings | 15.5+/- Acres
TyUnderwoodManagingPartner
direct:+016785957523
Executive SummaryTHE OFFERINGAtlas dba Commercial Real Estate Directors(“CREDirectors”) is exclusively offering for sale, 2159-2245Verbena Street, Atlanta, GA 30314, (the “Portfolio”)consisting of 277 units in 21 garden style apartmentbuildings just west of downtown Atlanta on approximately15.5 +/- acres. The property current contains +/-257,850 SF.
Breakdown Per Unit:
VERBENAGARDENAPARTMENTS
Site Plan:
The site contains 839 linear feet on Verbena Street and 1,811 linearfeet on Shirley Place.
Breakdown:
Zoning:
CityofAtlanta- RG-3
EXTREMELY ATTRACTIVE REDEVELOPMENT OPPORTUNITYX Much lower per unit cost compared to comparable
properties. Currently in shell plus condition ready forrehab and/or redevelopment.
X Located in a Qualified Cencus Tract and has major supportfor redevelopment.
PROMINENT LOCATIONX A distinctive position within its competitive set, offering a
prominent and highly sought location with excellentaccess and proximity to Interstates I-20, I-285, I-75, I-85and GA-400.
X Convenient location just off I-20 in sought afterdevelopment area.
X Close proximity to a robust amenity base including theAtlanta Beltline and the new Mercedes Benz Stadium.
X Direct MARTA access
ATLANTA JOB GROWTH UNDERWAYX Atlanta forcasted job growth from 2018 to 2020 ranks
third in the country.
X Continued job growth, a sustained absorption trend, andlimited new supply provide a strong foundation for abroad-based Atlanta rent escalation.
PROPERTY HIGHLIGHTS
Total SF ± 257,850
Buildings Twenty One (21)
Year Built 1957
Unit Mix One Bedrooms - 73
Two Bedrooms – 105
Three bedrooms - 99 Number of Units 277
Land Size 15.41 Acres
Zoning City of Atlanta - RG-3
Parking Street and Non-Covered
Utilities Sewer, Water, Electricity
Accessand Location
Great Access and Location. Located Just West of Downtown Atlanta off Interstate 20.
The City of Brookhaven
AMEC
Grady Health
Breakdown by RSF
26%42%32%
VERBENAGARDENAPARTMENTS
HIGHLIGHTS:
- GreatLocation- MARTATrainaccessibility- CityofAtlantaandInvestAtlantasupportforthe
redevelopmentofthissite- LocatedinaQualifiedCensusTract- NexttoAndersonRecreationCenterandShirleyPlacePark- JustWestofDowntownAtlanta- MultipleRedevelopmentOpportunities,allwithMajor
Upside
TyUnderwoodManagingPartner
direct:+016785957523
VERBENAGARDENAPARTMENTS
LOCATION
TyUnderwoodManagingPartner
direct:+016785957523
DirectaccesstoWestLakeStation
VERBENAGARDENAPARTMENTS
AccesstotheAtlantaBeltlineandMercedesBenzStadium
MARKET FUNDAMENTALS
With its centralized location, large population base, and diverse economy, Atlanta is the undisputedbusiness, population, and cultural center of the Southeastern US and a national leader in bothpopulation and employment growth. As an international gateway city, Atlanta has a diverse andresilient economic base that forms the foundation for the region’s sustained success and continuesto support the region’s ability to both cultivate and attract new employers and job seekers.
EPICENTER OF SOUTHEAST ECONOMY
• 9th largest MSA in the US, boasting a population of over 5.7 million people• Projected to be the 6th most populated metro by 2020• 3rd largest concentration of FORTUNE 500 headquarters locations of any US city• Over 75% of FORTUNE 1000 companies have operation in the MSA• Strong long-term job growth rate that is almost 1.5x higher than the national average• 10th largest economy in the US, according to the US Bureau of Economic Analysis
A CHOICE RELOCATION & EXPANSION MARKET
• The State of Georgia, and the Atlanta area in particular, hassuccessfully attracted over 250 recent major relocationsand expansions since the economic recovery began
• Over 30,000 new jobs are projected to be generated fromthis robust relocation and expansion activity over the nextseveral years
•Mercedes-Benz relocation of its US headquarters from NewJersey to Atlanta is the city’s most recent and should provea bellwether for future corporation decision activity to theregion
• Decisions to relocate to Atlanta not only highlight themarket’s position as a headquarters destination, but iscontinued evidence of Atlanta’s ideal combination of lowcosts, business-friendly environment, quality of life, andtalented labor force
ATLANTA JOB GROWTH: ONE OF THE TOP IN THE NATION
