Franklin Street has arranged the $5.65 million sale of The Avery, a boutique multifamily property located at 419 Chamberlain Street in the Sweet Auburn district of the Old Fourth Ward in Atlanta, Georgia. The sale represents the largest per unit apartment price for a 1960s-era multifamily property in Atlanta. Ricky Jones and Jake Reid of Franklin Street’s Atlanta office represented the seller, a local private investor, in the marketing of the newly-renovated, 30-unit property. The buyer is also a local private investor who plans to continue operating the asset and anticipates future growth through the continued improvement of the Sweet Auburn district.
The Avery, the first apartment building in Atlanta to feature full smart home integration, sold for over $188,000 per unit and $200 per square foot. While the price sets a new benchmark compared to similar properties, the existing rental rates averaging over $1,500 support a strong yield given the low interest rates.
“This property is now one of the trophy assets in the Sweet Auburn district of Atlanta and a great success story of revitalizing a previously troubled asset,” said Reid, Senior Director for Franklin Street’s investment sales team. “The owner went above simply renovating the asset by including modern day amenities including a dog park, outdoor areas and a fire pit along with interior Wi-Fi enabled HVAC and lighting.”
“This sale shows that although rates are increasing a bit, investors are still very interested in purchasing well-located assets that have some versatility,” said Jones, a Director at Franklin Street. “The new owners will be able to experience consistent income and continued growth as the immediate area improves, while having the opportunity to explore future re-development opportunities.”
The Avery is ideally ideal located a block from Edgewood Avenue in proximity to the Beltline, Sweet Auburn Curb Market, Krog Street Market, and MARTA.
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, Management and Valuation – Franklin Street offers unmatched value and optimal solutions for clients nationwide. Learn more about Franklin Street at FranklinSt.com.