Franklin Street arranged the sale of Central Park Apartments, a multifamily community located on 582-614 Roberts Drive in the city of Riverdale, approximately 10 miles south of Atlanta. The purchase price of $4.6 million, represents the highest cost per door recorded this year for an unrenovated 1970s-era multifamily property in the Riverdale submarket.
Franklin Street’s Atlanta multifamily investment sales team, which included Jake Reid and Roger Schoerner, represented the seller, a locally-based private investor. The buyer is a Texas-based private equity group with additional holdings in Georgia.
“This transaction reflects the recent additional investment in neighborhoods with a heavier density of workforce housing that are experiencing rent growth above the market average,” said Reid. “The buyer recognized the property’s value-add potential in one of the strongest rent growth markets in the metro Atlanta area. The sales price also sets a new benchmark for similar vintage assets in the Riverdale market.”
Built in 1972, Central Park Apartments is centrally located between I-285 and I-85 and offers a mix of townhome and garden-style 2-bedroom units. The property features large floor plans, walk-in closets, washer and dryer connections, as well as private balconies and patios.
About Franklin Street: Celebrating more than 10 years in the business, Franklin Street is a family of full-service commercial real estate companies focused on delivering value-add solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its divisions – Real Estate, Capital, Insurance, Property Management and Project Management – Franklin Street offers unmatched value and optimal solutions for clients nationwide.
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