Listed by GREA
Unpriced
Brentwood Townhomes
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 308,568
Units 298
Occupancy 48.3%
Year Built 1968-1969
Buildings 20
Stories 2
Acreage 25.970
Investment Type Value Add
Multifamily | 298 Units
Marketing description
Brentwood townhomes presents a compelling valueadd opportunity to acquire a significantly renovated, 298-unit multifamily asset offered at an attractive basis and cost per foot, well below previous trade pricing. Originally constructed in 1969, the property boasts durable brick construction that was extensively upgraded in 2020. This comprehensive renovation included new windows, roofs, hardiplank accents, mechanical systems, hvac units, energy star appliances, cabinets, countertops, fixtures, and flooring across all units. A defining feature of the property is its composition, with roughly 84% consisting of desirable townhome floorplans, which typically command rent premiums, enhance resident appeal, and boost retention. Offered via a court-appointed receivership sale, current occupancy is low, but this situation provides a direct path to significant value creation. An investor can realize one of the market’s highest potential yields on cost by rapidly turning vacant units, increasing occupancy, stabilizing management, and capitalizing on the property’s significant revenue upside.
Investment highlights
- Property fundamentals: Brentwood townhomes consists of spacious one-, two-, and three-bedroom units and features 84% townhomes floorplans. Averaging 1,035 sf, the floorplans are some of the largest in the micro market and are equipped with copper wiring and fully electric systems. The property features a robust amenity package with a newly refurbished leasing office (currently not in use). The property also benefits from new supply and waste lines, updated panel boxes, and mechanical systems.
- Significant capital infusion: Previous ownership, who has a development arm, reset the economic life of the property in 2020 with a massive renovation. At this time brand new features were added such as roofs and gutters, windows, hardiplank siding, horizontal and vertical water supply lines, cpvc waste lines, hvac systems, water heaters, and six-panel exterior doors. In 100% of the units, there were updated features that include granite countertops, new cabinet faces and boxes, vanity sinks, bathtub inserts, lighting packages, hardware packages, flooring replacement, greyscale paint schemes, and energy star appliance, and more.
- Compelling scale & attractive basis: With a previous sale price of $42m, brentwood townhomes allows potential investors to acquire a heavily renovated property at a steep discount to its previous value. In addition, with 298 units, the asset offers meaningful operational scale in an immediate location with limited competition.
- Value add opportunity: Brentwood townhomes currently operates with 298 units after two were combined for a community center but can be restored to 300 units with minimal capital. The recently refurbished clubhouse allows the leasing office, currently in a 3br unit, to be relocated, freeing an additional unit for rent. With 50% occupancy, 14 down units needing repairs, and the opportunity to re-establish washer/dryer connections for added revenue, the property offers strong upside potential for a new owner.
- Legislative and legal reform: Recent state and county legislation has created a more favorable environment for property owners, streamlining operations and enhancing legal protections. Senate bill 68, recently passed in georgia, reforms the civil litigation process by limiting excessive lawsuits and damage awards.
- Prime connectivity: Ideally positioned along arthur b. Langford parkway, brentwood townhomes is just 3 miles from I-285 interchange, providing seamless access to hartsfield-jackson airport, I-85 and I-20, and 5 miles from downtown atlanta. This connectivity supports efficient commutes to major employment centers across the atlanta metro.
- Parking: Ample open surface spaces
- Ceiling Height: 8-foot ceilings
Listing Contacts
Listed by GREA
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