Marquis at Lenox - Atlanta, Georgia 192-Unit Multi

Transcription

Marquis at Lenox - Atlanta, Georgia 192-Unit Multi
Marquis at Lenox - Atlanta, Georgia
192-Unit Multi-Family Investment Opportunity
Exclusively Presented by:
mar q uis at le n o x
Investment Highlights
Transwestern is pleased to exclusively present the opportunity to acquire Marquis at Lenox,
a 192-unit, garden-style, multi-family development located inside I-285 on Briarwood Road
in Atlanta, just two miles east of Lenox Square and the Buckhead district. The asset offers
the following benefits to the successful investor:
IMPROVING OPERATIONs/ADDITIONAL UPSIDE
attractive unit and community features
•
Ideal Unit Mix — All 192 units at Marquis at Lenox offer two-bedroom / two-bathroom floor
plans, ideally matching the surrounding area’s historic multi-family demand trends
•
Excellent Unit Features — Residents of Marquis at Lenox benefit from a spacious average
unit size of 1,068 square feet and efficient floor plans, and all units feature the following:
–
Fully-equipped kitchens with frost-free refrigerators, dishwashers, ovens, double-basin stainless-steel sinks, and garbage disposals
•
Increasing Cash Flow — Over the past year, the property’s revenue has increased
10% due in large part to improving market conditions and exterior upgrades
–
•
Strong Occupancy — Marquis at Lenox continues to experience mid 90%s
occupancy with a current rate of 94%
High-end design elements including high-speed internet access, walk-in closets, and
private patios or balconies
–
Full-size washer/dryer connections are available in select units
•
Recent Capital Improvements — Current ownership has invested $1.5M in this
asset consisting of the installation of new windows, repainting the exterior and
roof replacement in addition to some interior improvements
•
Comprehensive Community Amenities — Marquis at Lenox provides the following
competitive amenity package for its residents:
–
Swimming pool
•
Significant remaining upside — A majority of the interiors have not been
upgraded, providing an excellent opportunity to capture rental rate premiums that
have been proven out in the submarket
–
On-site laundry facility
–
Picnic area with grills
Utility Savings — Water converservation devices including low flow shower heads
and 1.3 gallon toilets have not been installed in this property. Significant cost
savings can result with implementation.
–Playground
–
•
desirable intown location
•
Premier Residential Location — Marquis at Lenox is located in Brookhaven one
of the most appealing neighborhoods in urban Atlanta — the area just east of
Buckhead’s core has always been one of the city’s top districts for both residents
and investors. The redevelopment of the Buford Highway corridor has begun and
will continue to improve desirability, demographics and value.
•
Access to Employment Centers — Marquis at Lenox’s strategic location is just
minutes away from key business districts:
–
The Buckhead submarket, located only three miles to the west with more
than 16.5 million square feet of office space, is the location of choice for the
financial and professional services sectors
–
The nearby Century Center area is situated one mile southwest and is a key
location for state and federal government agencies as well as many large
private-sector employers
–
The property’s central location is also convenient to other key office
submarkets including the Emory/CDC area, Midtown, Perimeter Center, and
Downtown Atlanta
•
Abundant Area Amenities — From nearby grocery-anchored centers to the
new Town Brookhaven big-box mixed-used complex to the upscale Buckhead
shopping and dining district, Marquis at Lenox is convenient to some of metro
Atlanta’s top retail destinations as well as many nearby personal and business
services and entertainment and recreational offerings
•
Excellent Area Demographics — The surrounding area features a dense
population base, good historical and projected growth rates, high per-capita
incomes, and expensive median home values
MARTA public transportation access at the front entrance on Briarwood Road
Offering overview
1750 Briarwood Road, Atlanta, Georgia 30329
Total Units
192
Year Built
1971
Occupancy
94%
Unit Mix
Unit Plan
2 BR / 2 BA
2 BR / 2 BA
2 BR / 2 BA W/D
Description
“Inside” Flat
“Corner” Flat
“Corner” Flat
No. Units Size (SF) % of Total
54%
104
1,000
39%
75
1,150
7%
13
1,150
Size (SF)
•205,050 total SF
•1,068 SF average size
Site and
Density
•16.25 ±acres
•11.82 units per acre
Flood Plain
Three buildings are in the 100-year flood plain, Zone “A”
(AA,DD and KK)
Construction
Nine 2 and 2/3 split-story garden-style apartment buildings with
brick siding and mansard style roofs
Plumbing
Copper supply; PVC drain lines
Parking
•336 total spaces
Community
Features
•Swimming pool
•Playground
•Laundry facility
•Grilling areas
Unit Features
•Fully-equipped kitchens
•Private balcony or patio
•Walk-in closets
•Full-size washer/dryer
•1.75 spaces per unit
with frost-free refrigerators,
dishwashers, ovens, doublebasin stainless-steel sinks,
and garbage disposals
•All units have bedroom/
bathroom parity
Utilities
Use
Heat
Cooling
Cooking
Hot Water
Cold Water
2013
Demographics
5-mile radius
Population
Average Household Income
Median Home Value
Renter Occupied Housing Units
Source: ESRI and the
US Census Bureau
Utility
Gas
Electric
Gas
Gas
N/A
connections (select units)
Paid By
Resident
Resident
Resident
Owner
RUBS
287,056
$91,737
$323,508
48.9%
mar q uis at le n o x
Address
VE
HW
Y
RD
DR
IAL
RD
FF
CLI
155
OU
ING
RD
APEL
EY CH
S RD
WESL
RD
VILLE
HERS
PANT
D
ST
ALE
VERD
FULTON
COUNTY
RD
RD
N
A
OL
PA
N
LL RD
ES MI
FLAK
HERSCHEL RD
UR
MA
GE
CO
AC
H
LE
Y
SE
OO
LT
VE
D
BLV
VALLEY
138
RD
HILL RD
JONESBORO RD
HW
RD
N
EV
IL
L
AT
IO
TT
TA
AN
E.
ORO RD
FA
YE
RD
MT
.Z
SHANNON
MALL
SOUTHLAKE
MALL
138
JONESB
www.transwestern.com
STA
75
RD
We obtained the information
in this offering package from sources we believeRIVERDALE
to be reliable. However, we have not verified its accuracy and make no guarFAIRBURN
antee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale,
lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example
only, and they may not represent
75
current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
OLD NATIONAL HWY
S. FULTON PKWY
TH
RD
MORROW
RD
R RI
3340 Peachtree Road, NE, Suite 1000
Atlanta, GA 30326
t: 404.842.6600 | f: 404.842.6601
RD
CLAYTON
STATE
UNIV.
MORROW RD
R
LS
UPPE
C
FAIRVIEW RD
A
HO
S
AT
ER
ING
PF
RN
RD
54
FL
BU
A
SN
FA
IR
RD
ON
PANOLA
FOREST PKWY
19
D
29
LT
D
ER
IN
DW
RE
IEW
IRV
PB
EL
BE
FA
WY
PK
85
FU
M
P
AM
E
AV
RO
PANOLA
MOUNTAIN
CONSERVATION
PARK
85
FORT GILLEM
BLVD
TARA
FAYETTEVILLE RD
TTO HWY
CASCADE PALME
HW
675
FOREST
PARK
RD
PKWY
Y
CA
ON
ND
LA
S. FULTON
LLT
RE
IVAN
LT
VE
N
MO
SULL
OSE
LTO
RD
RD
S.
RO
HARTSFIELD-JACKSON
INTERNATIONAL
AIRPORT
ESBO
RD
K
CLAR LL
HOWEY
HW
OVE
LA
VE
N
FA
IRB
UR
WY
Jon Kleinberg | Managing Director
404.842.6506 | [email protected]
R GR
RA
RD
JON
CAMP CREEKPK
BU
CEDA
CE
NT
OP
WY
TNER
DR
road
MEM
AM
LO
. PK
AN
NC
INGH
W
NS
166
WILL
N RD
TO
ING
SH
WA
ILL
R
D
BR
O
RD
R
NE
BU
T
EN
ON
RD
LR
285
Mike McGaughy, CCIM | Managing Director
404.842.6510 | [email protected]
DU
ALS
FLAT SHOY
PKW
RIVER RD
M
HIL
METROPOLITAN PKWY
CA
N
MAIN
Y
HW
TO
M
ET
PA
L
SC
A
DE
LL TELL RD
92
BE
CLEVELAND AVE
road
RD
STONEWA
DOUGLAS
COUNTY
Northeast Plaza
Shopping Center
ER
CLIFTON SPRING
CONSTITUTION RD
briarwood
CHAPEL HILL RD
For more information about marquis at lenox,
please contact:
R
138
85
STOCKBRIDGE
STOCKBRIDGE RD
42
SPENCE RD
92
STONE MOUN
TAIN
LITHONIA RD
APF
KE
LA
AV
E
RD
GH
PANOLA
PRYOR RD
ON
SOUTH
DEKALB
MALL
M
CA
PANOLA RD
ST RD
HCRE
PEAC
RD
20
29
E
PB
LS
23
cD
O
WO
LANGFORD PKWY
166
RD
OA
RD
N
TO
LL
SH
SN
KINGS HWY
M
VE
DA
85
FLAT
CUSTER AVE
75
RD
McAFEE RD
20
REST
ERC
RD
MO
R
TR
D
ON
DM
PIE
NORTHSIDE DR
ST
METROPOLITAN PKWY
LL
HA
ITE
WH
AV
E
AD
E
SC
GRANT
PARK /
ZOO
ATLANTA
ULD
RN
LA
VIS
TA
BU
FO
RD
DE
hi
FAIR
BURN
CA
HANK AARON DR
RD
D
LB
LV
RIA
ST
DU
IN
ON
FU
JOSEPH LOWERY BLVD
ghway
DALLAS HWY
LT
buford
COVINGTON HWY
GEORGIA AVE
RD
BU
Century278Center
Office Submarket
GLENWOOD AVE
O
OR
FA
IR
DR
BO
RD
MEMORIAL DR
SB
NE
ST
AR
E
LB AV
JO
IG
HT
ON
ELLT
MB
IA
DEKA
UNIV AVE
MPB
LU
clairmont
ST
DEKALB
COUNTY
REDAN RD
CO
ROSA
BURNEY
PARK
AVON AVE
CA
BR
LY
CO
E
AV
AVONDALE
ESTATES
HAIRSTON RD
EL
E RD
ROCKBRIDG
DR
D
E
FAIR ST
ER
RD
EEK
AD
LLEG
HIG
GEORGIA
STATE
UNIV.
UR
AN CR
DR
SC
ECAT
BLV
INDI
CA
ARBOR
PLACE
MALL
GE
STON
DECATUR
T
DRUID
HILLS
MORELAND AVE
DO
NN
D
AN
HL
ND
D
T
OT
E AV
BOULEVARD
RIV
MLK JR DR
ATLANTA
UNIVERSITY
CENTER
ABERNATHY
BLVD
MA
YS
U
MO
SC
AIR
M
RD ON
2ND AVE
MLK JR DR
BEN
IN
D
CL
PONCE DE LEON
M
DO
FREE WY
PK
WEST END MALL
JAM
RD
CANDLER RD
SIMPSON ST
CHAPPELL RD
E
SID
ER
W
PK
UR
AT
EC
ND
NORTH AVE
N
TO
MIL
DR
ES
LM
Y
DOUGLASVILLE
DH
WY
HO
D
RD
SR
BA
RD
GEORGIA
TECH
HEA
HA
AG
ON
FAIRBURN
10TH ST
NK
FL
NT
Clairmont Road, Peachtree Road, and Buford Highway are
nearby major transportation and retail corridors that connect
the property and the Buckhead area to the northeastern
neighborhoods of Peachtree Corners and Norcross.
DH
EA
H
NK
PIEDMONT
PARK
RD
BA
SIX
OR
SWEETWATER
CREEK
STATE
PARK
D
FULTON COUNTY
AIRPORT /
BROWN FIELD
TH
78
NE
STO
PK
IN
NTA
PO
NC
E
WY
SIX
FLAGS
WY
OO
PK
EMORY
UNIV.
BR
IAR
ET
ON
NORTH
DEKALB
MALL
RD
DR
W
CHARLES ALLEN
LLY
LEE ST
BL
14TH ST
HO
SYLVAN RD
N RD
LL
WE D
HO ILL R
M
MA
TO
PKWY
THO
RN
BANKHEAD HWY
W
LA
CDC
17TH ST
ARGONNE AVE
278
AUSTELL
LR
LE
SON
JAMES JACK
RD
Access to all points of the metro area is quick and easy, with
I-85 located immediately to the south of Marquis at Lenox. All
of Atlanta’s major employment centers — Buckhead, Midtown,
Dowtown, and Perimeter markets — are within a few miles of
the property.
N
RE
RD
IR
ESH
CH
RD
EL
WY
LAVI
STA
RD
ID
E BR
W
78
HW
ON
IER
OLD ALABAMA
HW
Y
REE RD
PEACHT
COLL
HIL
LS
GE
PEACHTREE ST
RD
ELL
AUST
RD
N
BO
LT
O
D
E
N
75
75
BLV
L
VIL
CE
HO
EO
TTA
ID
GH
Y
HAIRSTON RD
RIE
RU
HU
EL
MA
E RD
ED
NC
O
CO
Y
HW
ND
LINDBERGH DR
RD
PO
EM
NS M
RA
VETE
W WESLEY RD
TA
VIS
LA
NORTH
LAKE
MALL
RD
MABLETON
Y
T
RMON
W
RD
RD
29
RLAK
CLAI
PK
ILL
SM
ORE
MO
BUCKHEAD
NORTHSIDE DR
ES
KE
LA
41
D PKWY
CUMBERLAN
85
LENOX RD
MABLETON PKWY
M
R
PE
BRIA
RD
FF
CLI
IAR
BR
T RD
ON
RD
RD
Marquis
at Lenox
M
PIED
D
OY
FL
JA
SON RD
LENOX
SQUARE
FERR
Y RD
140
EE
BL RD
AM ER
CH CK
TU
RD
TA RD
CES
LILB
LE RD
HENDER
PHIPPS
PLAZA
285
RD
SANT
DA
MERCER
UNIV.
CH
TR
COBB PKWY
W PA
AIL
D
PE
A
400
MONR
OE
N
HS URT RD
ON
ATLAN
RD
NC
CO
TR
NR
TO
MOUNTAIN
INDUSTRIAL BLVD
TC
ES
RD
CLAY
CH
PEACHTREE
DEKALB
AIRPORT
OGLETHORPE
UNIV.
PO
W
STEA
H
ORT
POWDER
SPRINGS
D
OR
RD
CHAMBLEE
PEACHTREE
DUNWOODY RD
RD
W
AC
AM
The nearby Century Center office submarket is one of Atlanta’s
largest office districts. Major employers in this area include
AT&T, Federal Express, TRX, Fidelity Bank, and NDC Health.
Century Center is also a major location for federal and state
government agencies.
N
PLEA
D
CHASTAIN
PARK
Y RD
PACES FERR
HILL RD
R
OAK GROVE RD
RD
SPRI
NG
S
WD
ER
SMYRNA
DIA
RT
E
RD
S
ER L
AK MIL
IN
CA
GLE
HURT RD
FLINT
MY
SIN
RR
YR
CUMBERLAND
MALL
JIM
DORAVILLE
FE
IDE DR
NORTHS
DR
COBB
HICKS RD
NEW MACLAND
278
SPRING RD
RS
RD
VIL
LE
WE
UIN
RE
NC
E
PO
41
H
SOUT
HIRAM
BU
LIFF
OAKC
HIL
RR
Y
HW
FORD
LA
W
D
LR
DY
IN
W
AV
E
LV
LB
ME
PAT MELL RD
BE
D
DU
285
ROSWELL RD
ND RD
MACLA
92
PERIMETER
MALL
LAKE FORREST DR
RD
MT.
AU
ST
EL
L
RD
TA
HEARDS FERRY RD
L
EB
IN
BLVD
MACLAND RD
HW
ON
RN
R
Located in the recently incorporated city of Brookhaven just
east of Buckhead in Atlanta’s I-85/Clairmont Road district,
Marquis at Lenox offers residents a wide variety of surrounding
retail amenities, including restaurants, grocery stores, banks,
and other services.
DOBBINS
AFB
AN
Y
ED
DELK RD
AT
L
CHATTAHOOCHEE
RIVER
NATIONAL
RECREATION
AREA
LLIT
RIA
ST
EE
TR
CH
A
PE
EE
RD
HIRAM
ST
Y RD
FERR
COBB
COUNTY
HIR
mar q uis at le n o x
GS
PEACHTREE
DUNWOODY RD
RIN
SP
RS
POWE
ER
WD
PO
N
SO D
HN Y R
JO ERR
F
Y
PKW
SANDY
SPRINGS
DU CH
NW AM
OO BLE
DY E
RD
N. PEACHTREE
THY RD
ABERNA
D
LR
PE
RD
ASHFORD
RD
DUNWOODY
ELL
SID
ER
RIV
Y
HARD
LES
CHAR
VERN
RO
SW
120
Premier IN-FILL Atlanta location
MT.
TE
SA
RD
ON
DUNWOODY
SHAL
LOW
FORD
WER
Y
RIETTA
PKW
Y
23
DARYMPLE DR
RD
WINTERS CHA
LO
PKW
S. MA
MILL
D
LR
MIL
WY
R
PAPE
LY
TIL
ROSWELL ST
BB
CO
SH
LLA
DA
FERRY RD
120
MARIETTA
CLAYTON
Y
GE
RID
KB
OC
ST
HW