By Kurt Keaton, President of Real Estate
The multifamily market in the Southeast, particularly in Georgia, can be defined currently by one factor – jobs.
As Georgia continues to attract new industry sectors, the need for housing is growing across the state in new ways.
The $5 billion Rivian electric vehicle manufacturing plant that was announced earlier this year for Morgan and Walton counties, with plan to bring 7,500 jobs to the region, begs the question: Where will those workers be housed? Look for Class B and Class apartment buildings in that area to get gobbled up and refreshed, as well as new development starts in range of the future Rivian site.
“We recently sold a century-old apartment building in downtown Decatur for $5.15 million, or $257,000 per unit. We represented the seller, Samco Properties, in the transaction,” said Kurt Keaton, President of Real Estate Services at Franklin Street.
This 20-unit property called Candler Court has all the right ingredients to make it an attractive investment: It’s in one of Atlanta’s most vibrant, walkable and desirable communities, served by transit and nearly 250 restaurants and shops.
And that brings us to rents. While they have been trending up, the South still enjoys relative affordability compared with other markets, which makes us a hot commodity with investors.