Marquis at Lenox - Atlanta, Georgia 192-Unit Multi

Marquis at Lenox - Atlanta, Georgia
192-Unit Multi-Family Investment Opportunity
Exclusively Presented by:
mar q uis at le n o x
Investment Highlights
Transwestern is pleased to exclusively present the opportunity to acquire Marquis at Lenox,
a 192-unit, garden-style, multi-family development located inside I-285 on Briarwood Road
in Atlanta, just two miles east of Lenox Square and the Buckhead district. The asset offers
the following benefits to the successful investor:
IMPROVING OPERATIONs/ADDITIONAL UPSIDE
attractive unit and community features
•
Ideal Unit Mix — All 192 units at Marquis at Lenox offer two-bedroom / two-bathroom floor
plans, ideally matching the surrounding area’s historic multi-family demand trends
•
Excellent Unit Features — Residents of Marquis at Lenox benefit from a spacious average
unit size of 1,068 square feet and efficient floor plans, and all units feature the following:
–
Fully-equipped kitchens with frost-free refrigerators, dishwashers, ovens, double-basin stainless-steel sinks, and garbage disposals
•
Increasing Cash Flow — Over the past year, the property’s revenue has increased
10% due in large part to improving market conditions and exterior upgrades
–
•
Strong Occupancy — Marquis at Lenox continues to experience mid 90%s
occupancy with a current rate of 94%
High-end design elements including high-speed internet access, walk-in closets, and
private patios or balconies
–
Full-size washer/dryer connections are available in select units
•
Recent Capital Improvements — Current ownership has invested $1.5M in this
asset consisting of the installation of new windows, repainting the exterior and
roof replacement in addition to some interior improvements
•
Comprehensive Community Amenities — Marquis at Lenox provides the following
competitive amenity package for its residents:
–
Swimming pool
•
Significant remaining upside — A majority of the interiors have not been
upgraded, providing an excellent opportunity to capture rental rate premiums that
have been proven out in the submarket
–
On-site laundry facility
–
Picnic area with grills
Utility Savings — Water converservation devices including low flow shower heads
and 1.3 gallon toilets have not been installed in this property. Significant cost
savings can result with implementation.
–Playground
–
•
desirable intown location
•
Premier Residential Location — Marquis at Lenox is located in Brookhaven one
of the most appealing neighborhoods in urban Atlanta — the area just east of
Buckhead’s core has always been one of the city’s top districts for both residents
and investors. The redevelopment of the Buford Highway corridor has begun and
will continue to improve desirability, demographics and value.
•
Access to Employment Centers — Marquis at Lenox’s strategic location is just
minutes away from key business districts:
–
The Buckhead submarket, located only three miles to the west with more
than 16.5 million square feet of office space, is the location of choice for the
financial and professional services sectors
–
The nearby Century Center area is situated one mile southwest and is a key
location for state and federal government agencies as well as many large
private-sector employers
–
The property’s central location is also convenient to other key office
submarkets including the Emory/CDC area, Midtown, Perimeter Center, and
Downtown Atlanta
•
Abundant Area Amenities — From nearby grocery-anchored centers to the
new Town Brookhaven big-box mixed-used complex to the upscale Buckhead
shopping and dining district, Marquis at Lenox is convenient to some of metro
Atlanta’s top retail destinations as well as many nearby personal and business
services and entertainment and recreational offerings
•
Excellent Area Demographics — The surrounding area features a dense
population base, good historical and projected growth rates, high per-capita
incomes, and expensive median home values
MARTA public transportation access at the front entrance on Briarwood Road
Offering overview
1750 Briarwood Road, Atlanta, Georgia 30329
Total Units
192
Year Built
1971
Occupancy
94%
Unit Mix
Unit Plan
2 BR / 2 BA
2 BR / 2 BA
2 BR / 2 BA W/D
Description
“Inside” Flat
“Corner” Flat
“Corner” Flat
No. Units Size (SF) % of Total
54%
104
1,000
39%
75
1,150
7%
13
1,150
Size (SF)
•205,050 total SF
•1,068 SF average size
Site and
Density
•16.25 ±acres
•11.82 units per acre
Flood Plain
Three buildings are in the 100-year flood plain, Zone “A”
(AA,DD and KK)
Construction
Nine 2 and 2/3 split-story garden-style apartment buildings with
brick siding and mansard style roofs
Plumbing
Copper supply; PVC drain lines
Parking
•336 total spaces
Community
Features
•Swimming pool
•Playground
•Laundry facility
•Grilling areas
Unit Features
•Fully-equipped kitchens
•Private balcony or patio
•Walk-in closets
•Full-size washer/dryer
•1.75 spaces per unit
with frost-free refrigerators,
dishwashers, ovens, doublebasin stainless-steel sinks,
and garbage disposals
•All units have bedroom/
bathroom parity
Utilities
Use
Heat
Cooling
Cooking
Hot Water
Cold Water
2013
Demographics
5-mile radius
Population
Average Household Income
Median Home Value
Renter Occupied Housing Units
Source: ESRI and the
US Census Bureau
Utility
Gas
Electric
Gas
Gas
N/A
connections (select units)
Paid By
Resident
Resident
Resident
Owner
RUBS
287,056
$91,737
$323,508
48.9%
mar q uis at le n o x
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www.transwestern.com
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We obtained the information
in this offering package from sources we believeRIVERDALE
to be reliable. However, we have not verified its accuracy and make no guarFAIRBURN
antee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale,
lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example
only, and they may not represent
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current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
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Mike McGaughy, CCIM | Managing Director
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For more information about marquis at lenox,
please contact:
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Clairmont Road, Peachtree Road, and Buford Highway are
nearby major transportation and retail corridors that connect
the property and the Buckhead area to the northeastern
neighborhoods of Peachtree Corners and Norcross.
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Access to all points of the metro area is quick and easy, with
I-85 located immediately to the south of Marquis at Lenox. All
of Atlanta’s major employment centers — Buckhead, Midtown,
Dowtown, and Perimeter markets — are within a few miles of
the property.
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The nearby Century Center office submarket is one of Atlanta’s
largest office districts. Major employers in this area include
AT&T, Federal Express, TRX, Fidelity Bank, and NDC Health.
Century Center is also a major location for federal and state
government agencies.
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Located in the recently incorporated city of Brookhaven just
east of Buckhead in Atlanta’s I-85/Clairmont Road district,
Marquis at Lenox offers residents a wide variety of surrounding
retail amenities, including restaurants, grocery stores, banks,
and other services.
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Premier IN-FILL Atlanta location
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