City Park

Attractive, Well-Located Asset: City Park, built in 1991, features 208 spacious one-, two-, and three-bedroom units averaging 929 square feet, with washer/dryer connections in each unit and fully electric systems. Amenities include a clubhouse, swimming pool, fitness center, and grilling area.

Proven Turnaround and Upside: With 181 units already modernized, a professional management firm was brought on in June 2024 to execute a successful turnaround. They have since replaced over 75% of the resident base and stabilized operations. Future owners will benefit from normalized expenses and a strong foundation for continued rent growth.

Significant Loss to Lease: The average in-place rent is currently $1,191. With achieved rents averaging $1,268, there is an immediate loss-to-lease of $192,000, which does not account for additional premiums from a full recapitalization of the asset.

Immediate Development Opportunity: An existing concrete slab provides a rare opportunity to immediately build an additional eight units. This expedites the construction process and significantly reduces costs, allowing a new owner to quickly boost unit count and income.

Impressive Demographics: Within a two-mile radius, the median owner-occupied home value is $228,000, with recent sales ranging from $500,000 to $1.3 million.

Prime Connectivity: Located just half a mile west of I-285 and 1.5 miles south of I-20, the property offers convenient access to downtown Atlanta, Hartsfield-Jackson Airport, the Fulton Industrial Boulevard district, and other major employment hubs. It is also within a mile of everyday conveniences, including a Walmart Supercenter, Home Depot, Starbucks, and a Publix-anchored shopping center.