Franklin Street has arranged the sale of the 33-unit Maple Place North Apartments in Atlanta for $4,765,000. Built in 1957, the multifamily apartments, located in east Atlanta’s Candler Park submarket, feature large one and two-bedroom apartments. Jake Reid and Roger Schoerner of Franklin Street’s Atlanta multifamily investment sales team represented the seller, a local private investor.
“Given the limited rental inventory in the immediate area, walkability, and strong demographics, Maple Place is able to command very desirable rents with further upside through a value-add strategy,” said Reid, senior director of multifamily investment sales for Franklin Street’s Atlanta office. “At just under $225 per foot, the sale represents record pricing for a 1950s-era multifamily property in the Candler Park area. The new investors plan to continue to make cosmetic improvements to the property while realizing continued rent growth.”
Maple Place Apartments is ideally located on the Freedom Park trail, which connects to the Atlanta Beltline. The property is one of only a few apartment communities in the popular Candler Park neighborhood and features updated plumbing and electrical, and off-street parking.
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