Camellia Decatur
Closed212-222 Adair St, Decatur, GA 30030
Property type
Multifamily
Unit / Space count
66
Price
$15,750,000
Building size
46,733 sf
Rentable area
46,733 SF
Year built
1969
Year renovated
2020
Occupancy
95%
Stories
2
APN
15 236 04 197
Zoning code
Lot size
4.40 Acres
Unit mix
1x
1br
64x
2br
1x
3br
Bedroom count
Price per Unit
$238,636
Price per SF
$337.02
Property description
Camellia Decatur is a completely renovated 66-unit multifamily offering within one of Atlanta’s historically strong rental growth neighborhoods. The property is located at 212-222 Adair Street on lush 4.40 acres in Decatur, Georgia. Within 1 mile of the famous Decatur Square, Camellia is surrounded by parks and over 250 restaurants, shops & retail. The property’s interiors have all been upgraded with tile backsplash in the kitchen, quartz countertops, stainless steel appliances, hard surface floors, new cabinetry and hardware. Roughly 50% of the units also feature smart thermostats and Wi-Fi compatible locks on doors. Along with being fully renovated, all units contain stacked washer and dryers. Amenities onsite include a dog park, greenspace, walking trail access, and a swimming pool with sun deck. There is also ample space within the community for a new owner to add additional amenities. Early in the lease up period, apartments were leased at a discount due to ongoing construction with remaining units being leased up following the Covid pandemic. Location amenities including the strong Decatur school district and being within walking distance to the Decatur Square were less of an impact on demand during this time. Moving forward there should be strong upside in revenue illustrated by the recent increases in rental rates in the market. Camellia Decatur presents an opportunity to buy a low maintenance property in an A+ location with strong operational upside. Camellia Decatur is in one of Atlanta’s strongest markets with an average household income of $128,808, vacancy rate of 6.8%, and single-family home prices averaging $537,000. The property is near some of Atlanta’s most popular destinations, such as Decatur Square, Ponce City Market, Krog Street Market, and the Beltline. Camellia Decatur is located conveniently within a mile of East Lake Marta train station and is also a short drive to Buckhead, Midtown & Downtown for premier shopping, leisure and work. There are high density medical and biotech businesses nearby such as the CDC’s national headquarters, Emory University, Emory’s Healthcare Network, Atlanta VA Medical Center, and the new $2B campus for Children’s Healthcare of Atlanta. Within three miles of the property there is about 3 million SF of industrial space, while other employers in the county include Delta Airlines and UPS.
Property highlights
- Completely Renovated in 2020
- Strong Operational Upside
- Low Maintenance Property
- Less than 1-Mile From Decatur Square - Over 250 Restaurants, Retail & Shops
- $250 Upside in Effective Rents vs. Comparable Market Rents