Central Park
Closed582-614 Roberts Drive, Riverdale, GA 30274
Property type
Multifamily
Unit / Space count
90
Building size
93,450 SF
Year built
1972
Lot size
9.81 acres
Sold/status
Sold · Date unknown
Sale price
$8640000
Property description
Central Park Apartments offers investors the opportunity to purchase a 90-unit asset in a thriving submarket, at a basis well below replacement cost. The property is situated on just under 10 acres and has spacious one and two-bedroom floor plans. Sixteen of the units are large two bedroom, two and a half bath townhomes. The townhomes feature large patios, new roofs, washer and dryer connections, and individual water meters. Most of the remaining units are large two bedroom, one and a half bath, garden style apartments with washer and dryer connections and have large covered decks. Classic units feature white appliances and wall to wall carpet. The current owner added black appliances and lightly renovated a dozen units with new faux hardwood laminate flooring in the living rooms and kitchens. These renovations allowed the owner to boost rental rates by $150 while maintaining a wait-list for future move-ins. Management has also raised rents on renewals, with very few move outs given the property’s strong rental demand. The buyer can further increase rents with a few cosmetic exterior improvements, and finish renovating the remaining units. Central Park Apartments is a true value-add investment with a history of high occupancy and proven rental upside within a strong renter’s market. Central Park Apartments is in one of Atlanta’s strongest rental growth markets, with apartment rents having grown by 11.9% since Q2 of 2020. The apartments are located directly adjacent to Riverdale Middle School, Riverdale High School, and have a covered MARTA bus stop on-site. The property is within 2.5 miles of over 8 million SF of industrial space, with a dense workforce in the logistics sector. In addition, the property is less than a mile from over 1.2 million SF of medical office space surrounding Southern Regional Medical Center. Other employers near Central Park Apartments include the Hartsfield-Jackson Airport, Fort Gillem, and Atlanta Gas Light.
Property highlights
- Low Market Vacancy and Rapidly Rising Rents
- Value-Add Opportunity Through Unit Upgrades and Loss to Lease Burn Off
- Strong Unit Mix with Large Two Bedroom Garden and Townhome Units
- Individually Metered Townhomes
- Great Proximity Hartsfield-Jackson International Airport, Georgia’s Film Industry, and the South Atlanta International Industrial Corridor