Chase Village Apartments
Closed100 Chase Village Dr, Jonesboro, GA 30236
Property type
Multifamily
Unit / Space count
168
Price
$17,350,000
Building size
206,500 sf
Rentable area
206,500 SF
Year built
1986
Year renovated
Occupancy
Zoning code
Lot size
24.93 Acres
Sold/status
Sold · Date unknown
Sale price
$17350000
Bedroom count
Property description
Chase Village is situated on +/-24.93 acres and offers an ideal unit mix of spacious two- and three-bedroom floor plans. The property is located in a thriving market and features a leasing office, playground, swimming pool, dog park, fireplaces, sunrooms and washer/dryer connections in all units. Chase Village is currently 95% occupied and the current owner has renovated 9 units which command $125 - $150 more than the standard units. The premium renovation cost for each unit is +/-$4,500 and includes new black appliances, upgraded light package, new outlets, brushed nickel knobs, flooring (carpet & vinyl) and new cabinets. Chase Village consists of eighteen, 1986-built, wood frame buildings with pitched roofs. The property has PVC plumbing, copper wiring, double pane windows & the current ownership has replaced HVAC systems as needed. The county recently expanded Battle Creek Road and razed one of the buildings reducing the unit count by 8 to 168 units. Chase Village is still zoned for 176 units and has room to build an additional building. The property has maintained strong occupancy with rents that are currently below many competitors in the market. There is a lot of rental upside through loss to lease burn-off, renovating the classic units & closing the rental gap on the two-bedroom units. An investor could also capitalize on additional income by adding washer and dryers in the units and re-building the eight unit building that the county demolished. In addition, expenses could be reduced further by implementing a water savings plan / green program. Chase Village represents an opportunity to purchase a property with an ideal unit mix with below market rents in a rapidly growing submarket.