Franklin Street has arranged the sale of the 96-unit Creekside Apartment Homes at 3637 Pleasantdale Road for $9.73 million. Built in 2000, the multifamily apartments, located in northeast Atlanta, feature large one and two-bedroom apartments. The property was acquired by Zavala Capital, who plans to take advantage of the growing apartment market by instituting an in-depth value-added strategy. The seller was represented by Jake Reid and Roger Schoerner of Franklin Street Real Estate services.
“Existing rental rates at the property were well below the market for a superior floor plan,” said Reid, senior director of multifamily investment sales for Franklin Street’s Atlanta office. “We expect that the new owner will be able to quickly increase revenue through strategic management and cosmetic improvements. The surrounding sub-market has seen a sharp increase in demand driven by a lack of new product and strong economic drivers like Children’s Healthcare and CDC expansions. We continue to see strong interest in properties along the Interstate 85 corridor given Atlanta is such a strong transportation hub for the southeast.”
Creekside Apartment Homes is ideally located near the intersection of I-85 and I-285 North. The property features a swimming pool, two floor plan options, home security alarms, on-site property management, and covered outdoor areas in all units.