Tara Hill Apartment Homes
Closed8050 Tara Boulevard, Jonesboro, GA 30236
Property type
Multifamily
Unit / Space count
132
Price
$13,000,000
Building size
116,800 sf
Rentable area
116,800 SF
Year built
1972
Year renovated
Occupancy
Zoning code
Lot size
12.70 Acres
Sold/status
Sold · Date unknown
Sale price
$13000000
Bedroom count
Property description
Tara Hill Apartments offers investors the opportunity to purchase an attractive all brick community in a thriving submarket at a basis well below replacement cost. The property is situated on just under 13 acres and has spacious one and two-bedroom floor plans. Some of the improvements include: new roofs, new windows, freshly painted exteriors, low flow toilets, playground, updated leasing office, extensive pool remodel, new signage, and 65 renovated units. An immediate opportunity exists for a new owner bridge the $250+ gap between the average market rent and Tara Hill’s effective rent. There is a lot of rental upside through loss to lease burn-off and management improvements, however, an investor could further increase rents with a few cosmetic improvements and capitalize on rental income opportunities presented by finishing the remaining non renovated units.