Harmony Oaks Apartments
Multifamily | 60 Units | $75,000/unit
Marketing description
Marcus & Millichap is pleased to present for sale Harmony Oaks Apartments located at 210 Matthews Avenue in Carrollton, Georgia. Built in 1970, the 60-unit multifamily community presents a compelling value-add investment opportunity supported by significant below-market rents, strong workforce housing demand, and its location within a steadily evolving submarket.
The community consists of one-bedroom units and two-bedroom townhouse-style units, offering a desirable unit mix that appeals to a broad tenant base. Current rental rates are substantially below market, with one-bedroom units averaging approximately $207 below market and two-bedroom townhomes approximately $330 below market. This creates a clear and executable path to revenue growth through a targeted renovation program and strategic operational enhancements. The property is fully electric, providing operational efficiency and simplified utility management.
Harmony Oaks is well-positioned within the Matthews Avenue and Maple Street corridor, an area experiencing early-stage revitalization and increasing municipal and investor attention. Ongoing and proposed developments in the surrounding area—including mixed-use projects, retail expansion, and infrastructure improvements—are contributing to the long-term transformation of the neighborhood. In addition, continued investment throughout Carrollton, including downtown redevelopment and expanding commercial activity, is strengthening the city’s economic foundation and driving sustained housing demand.
With its combination of meaningful rent upside, functional unit mix, and proximity to emerging growth initiatives, Harmony Oaks offers investors the opportunity to implement a proven value-add strategy while benefiting from improving market fundamentals. The asset is well-positioned to deliver both near-term income growth and long-term appreciation within a growing and increasingly dynamic submarket.
View listing: https://www.marcusmillichap.com/properties/204064/harmony-oaks-apartments
For more information, contact Scott Spalding at [email protected] or (678) 808-2814.
***Do not submit LOI via Crexi
Investment highlights
- Significant Value-Add Opportunity with proven rent upside
- One-bedroom units approximately $207 below market rents
- Two-bedroom townhome units approximately $330 below market rents
- Fully electric property offering operational efficiency and reduced expense complexity
- Strategic Proximity to UWG East Campus providing immediate access to university-driven tenant demand and the emerging Maple Street growth corridor
- Proximity to planned mixed-use, retail, and infrastructure developments
- Positioned to benefit from ongoing downtown Carrollton revitalization
- Strong workforce housing demand supported by local employment and population growth
- Opportunity to drive NOI through interior upgrades and management efficiencies
- Favorable long-term appreciation potential within a growing submarket
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