Briarcliff Apartments
Closed1300 - 1312 Briarcliff Rd NE, Atlanta, GA 30306
Property type
Multifamily
Unit / Space count
24
Price
$6,550,000
Building size
27,000 sf
Rentable area
27,000 SF
Year built
1968
Year renovated
Occupancy
Zoning code
Lot size
1.26 Acres
Sold/status
Sold · Date unknown
Sale price
$6550000
Bedroom count
Property description
Briarcliff Apartments represents a unique opportunity to purchase a 24-unit trophy asset in one of Atlanta’s strongest locations. The property is located at 1300 & 1312 Briarcliff Road in between Emory Village, Morningside, and The Virginia Highlands neighborhoods. The apartments are made up of two buildings on two contiguous parcels totaling 1.26 acres of mature landscaping and ample off-street parking. All 24 Units are large Two Bedroom units with either one or two bathrooms, large dining areas, updated kitchens, and large screened in porches. The buildings consist of three stories of living space and a basement level that could be built out for additional storage, units or amenity space. Classic construction includes brick exteriors with pitched terracotta tile roofs, with updated windows, plumbing and electrical. All the spacious 2 Bedroom units are 1100 to 1200 square feet and provide ample space to add an additional bath on the 1 Bath Units and washer & dryer connections. The Briarcliff apartments represent an opportunity to purchase one of the best maintained classical assets in the area while still having value-add potential through minor cosmetic upgrades. While 91% of the kitchens have already been upgraded to include updated hardware, granite countertops, and undermounted sinks, there are proven rent increases of $250 by adding a stainless-steel appliance package. With the possibility to add bathrooms and washer and dryer connections and additional amenities, there remains room to raise rents to levels well above $2,000 per month. The property is an extremely unique opportunity located in close proximity to one of the most dense medical and biotech communities including Emory University, Emory University Hospital, The VA medical hospital, CDC’s national headquarters, and Emory Healthcare and Children’s Healthcare of Atlanta’s $2B new campus. The property is also a short drive to Buckhead, Midtown & Perimeter Center. It is also touching the north end of the popular Virginia Highland and Morningside neighborhoods.
Property highlights
- Proven Rental Increase of +/- $250
- Updated Kitchens, Plumbing, Electrical & Windows
- Large Floor Plans
- Increase Rents by Adding Additional Storage & Amenity Space
- +$270 Rental Gap Between Avg Market Rents vs Bricarcliff's Effective Rents
- Room to Add Washer/Dryer Connections