44 Unit Value Add Multifamily Investment Opportunity
Significant NOI Upside I Major Capital Improvements Complete
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Executive Summary
Compass is pleased to present the exclusive opportunity to acquire Park South Apartments, a substantially renovated 44-unit value-add multifamily community strategically located within Atlanta's thriving South Airport Corridor. Positioned just minutes from Hartsfield-Jackson Atlanta International Airport, Downtown Atlanta, Interstate 75/85, Interstate 285, and Camp Creek Marketplace, the Property benefits from exceptional connectivity to one of Metro Atlanta's largest employment and transportation hubs.
Originally constructed in 1966, Park South Apartments has undergone significant capital improvements that position the asset for long-term growth. Ownership has completed extensive exterior renovations, including new roofs, fresh exterior paint, parking lot paving and striping, upgraded HVAC systems, water heaters, and numerous site improvements. Additionally, 17 apartment homes have been fully renovated, establishing a proven renovation program capable of achieving higher market rental rates. The Property is also Section 8 eligible, providing additional leasing flexibility and access to a deep workforce housing tenant base.
Park South Apartments presents investors with a compelling opportunity to complete the remaining interior renovation program, execute the proven value-add strategy, increase rental revenue, and stabilize operations. The business plan contemplates completion of the remaining unit renovations with projected average monthly rents of approximately $1,200 per unit, supported by renovated unit finishes and comparable workforce housing communities throughout Atlanta's Airport Corridor. Through continued interior renovations, lease-up, and operational efficiencies, a new owner can unlock significant long-term value within one of Metro Atlanta's most resilient workforce housing submarkets.
See the Proforma on page 5 of the offering memorandum.
Investment highlights
- PARTIALLY COMPLETED RENOVATION PROGRAM - Significant exterior and building system capital improvements completed, including roofs, HVAC, water heaters, paving, landscaping, gated access, and 17 renovated unit interiors.
- VALUE-ADD LEASE-UP OPPORTUNITY - Opportunity to complete the remaining interior renovation program while increasing occupancy and annual revenue.
- PROVEN RENT GROWTH POTENTIAL - Current average rents of approximately $950 with projected stabilized rents of approximately $1,200 following completion of the renovation program.
- SECTION 8 APPROVED - Access to a broad pool of qualified tenants supporting occupancy stabilization and reduced leasing risk.
- STRATEGIC LOCATION - Minutes from Hartsfield-Jackson International Airport, Downtown Atlanta, I-75/I-85, Porsche Experience Center, Tyler Perry Studios, and major employment centers.
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