Lakeside at Arbor Place is a 246-unit Class B multifamily property with 94%+ average occupancy over the past twelve months and the opportunity to update unit interiors and increase rents by approximately 10% ($80+ per month). The Property is located approximately 25 miles west of the Atlanta CBD with immediate proximity to Interstate 20.
Forecasted Investor Returns: 6.20% initial investor cash flow and increasing to 7.57% over a 10-year hold. Investors have the ability to participate in additional increased rent should the property outperform underwritten returns.
Unique opportunity: The property was built in 1988 and expanded in 1996. It has been owned by the same family with this transaction representing the first time the property has changed ownership.
Unit Upgrade Potential: Of the total 246 units, 57% of units have never had any renovations, and 22% only had partial renovations. Although the property is well-built and has been well maintained, the prior owners have not maximized the earnings potential available through renovating unit interiors.
Conservative Growth Assumptions: Similar upgrades of apartments within our market have achieved over $100 more in rent per month. Our underwriting forecasts rental increases of $80 per month following renovations.
Submarket: There is limited new supply with no new recent products. This has benefited the apartment submarket with comparable properties averaging 95%+ occupancy.
Location: The property has ease of access to I-20 and two large shopping centers, yet sits on a parcel that is secluded from noise and traffic with mature trees surrounding the apartment community and a small lake serving as the property’s focal point.