REO | Glenrose Apartments
Lender Driven Sale | 132 Units with Strategic Value-Add Upside Minutes from Delta World Headquarters
Marketing description
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Colliers and Crexi are pleased to present Glenrose Apartments, a 132-unit garden-style community with a clear path to add value located minutes from Delta World Headquarters in fast-growing Atlanta. Priced well-below replacement cost, Glenrose provides the ability to capture substantial top-line revenue upside through a strategic renovation and stabilization program.
Positioned just off I-75, residents have easy access to Delta World HQ (40,000+ jobs), Hartsfield-Jackson International Airport (21,000 non-Delta jobs), Grady Memorial Hospital (7,600 jobs), and major employers in Midtown and Downtown Atlanta. The East Point MARTA Station is only 10 minutes from the property. New ownership will be able to quickly stabilize the property while capitalizing on strong submarket fundamentals (93.3% occupancy), minimal new supply, and excellent population growth in Atlanta.
- Non-Contingent
- Earnest Money Deposit: Greater of $20,000 or 10% of the Purchase Price
- Marketing Fee: 3% of the Winning Bid Amount
- $10,000 Participation Deposit
- Subject To Seller Approval
50 Mount Zion Rd, Atlanta, GA 30354
Investment highlights
GA Auctioneer: Stephen Dawson, GA AU004630.
- Massive Upside Potential on Exit: Glenrose previously sold for $102,000/unit in September 2021
- Well-Below Replacement Cost: Priced far below replacement cost for new garden-style product in Atlanta
- Strategic Value-Add Upside: Mix of unrenovated and renovated units. Unrenovated units have oak cabinets, laminate countertops, and white appliances. Renovated units include modern white cabinets, hardwood-style floors, granite countertops, backsplash, and stainless steel appliances
- Nearby Communities Achieving Over $1,600/Unit: Nearby competitive communities are achieving average rents above $1,600/unit with targeted interior upgrades
- Large Unit Size: Averaging 1,036 SF
- Excellent Population Growth: Atlanta is projected to grow by nearly 1.4 million people by 2050
- Minimal New Supply: There are only 116 units within a 3-mile radius of Glenrose set to deliver over the next 36+ months – runway for future rent growth and reduces concessionary pressure
- Immediate Access to I-75: Easy commuter access to major employers in suburban and downtown Atlanta
- Proximate to the East Point MARTA Station: Glenrose is 10 minutes away
- 20 Minutes from Downtown Atlanta: Atlanta is home to 16 Fortune 500 headquarters and a labor force of over 3.3 million people
Contacts
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Additional Information
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