Investors hunt for product attracting higher-income renters
Franklin Street announces the sale of Crown Mill Village Lofts for $5,200,000, or $83 per square foot.
Franklin Street’s Jake Reid and Ricky Jones represented both the seller and the buyer in the transaction. The seller is a Dalton-based private investor and the buyer, Hallmark – Crown Mill, LLC is an Atlanta-based real estate investment company that plans to continue to improve operational efficiencies while maintaining top-of-market rents.
“A growing trend for investors searching in secondary and tertiary markets is not only chasing yield but product that appeals to higher-income renters,” Reid said. “Investors are beginning to recognize that higher income tenants are choosing to rent versus own and that this trend is not limited to major metropolitan areas. They are also realizing the importance of not only investing in quality product but also the proximity to restaurants and shopping in suburban downtown markets.”
Franklin Street helped the seller negotiate a contract with a buyer who was able to close on the property within 60 days preventing penalties on the seller’s note maturity.
“The price was well above recent sales in the market as it relates to price per square foot. However, the rents and product were far superior to recent sales in the area,” Reid said.
Crown Mill Village Lofts, located at 801 Chattanooga Ave. in Dalton, is a historic brick and heavy timber-built structure originally completed in 1884. Originally constructed as a textile mill, the property was renovated and converted into apartment lofts in 2005. The loft-style apartments showcase the building’s original features including exposed beams, brick work, and flooring. As the “Carpet Capital of the World,” Dalton is home to more than 150 carpet plants and remains the world’s leader in the looming industry and a regional leader in retail, healthcare, education, and service industries.
About Franklin Street: Franklin Street is a family of full-service real estate companies focused on delivering value-added 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, and Management—Franklin Street offers unmatched value and optimal solutions for clients nationwide. For more information on Franklin Street, please visit FranklinSt.com.