Monteleone Apartments
Closed1676 Briarcliff Road NE, Atlanta, GA 30306
Property type
Multifamily
Unit / Space count
44
Price
N/A
Building size
33,000 sf
Rentable area
33,000 SF
Year built
1963
Year renovated
Occupancy
Zoning code
Lot size
1.32 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
MONTELEONE APARTMENTS is a 44-unit value-add multifamily opportunity in the heart of Atlanta’s desirable Emory Village neighborhood. The apartments are made up of 6 buildings on 1.32 acres on Briarcliff Road. The property is an extremely unique investment opportunity located just 0.3 minutes from Emory University and 15 minutes from Buckhead, Midtown & Executive Park Medical Campus. It is one of the very few untouched apartment communities in the Emory Village neighborhood. The 44 units are all spacious 2 Bedroom units with tremendous rental upside through cosmetic improvements to the interiors. Monteleone is currently $550+ under the average rents for like-kind assets & $700+ under the average rents for Class B buildings. By renovating the property interiors, annual collections have the potential to increase by over $400,000. One of the buildings also has unfinished space that the next owner can use as an amenity area for residents. Given the limited inventory in the immediate area, walkability, and strong demographics, Monteleone presents an investor the opportunity to maintain occupancy and grow rent organically or receive large rental increases through interior renovations.
Property highlights
- Ideal Repositioning Opportunity
- Sought-After Location
- All Two Bedroom Units
- Major Market Demand
- Excellent Accessibility to Major Employers
- Decreasing Stock of Vintage Apartments