PRP replaced ineffective third-party property management, reduced operating expenses by 15%, renovated 50% of the units for $9,000/unit while increasing overall rents by ~$240/month, renovated common areas with a new FF&E program, resulting in a $23.25MM profit.
- Purchase price of $410/SF is well below replacement cost of $500+/SF
- Located in the heart of Perimeter Center, Atlanta’s largest office market which is forecasted to add 35,000 new jobs by 2025; Five-minute walk to Perimeter Mall
- New units delivered in the submarket are achieving $500/month in additional rent
- Proximate to Mercedes-Benz headquarters and State Farm regional campus
- Average income of ~$100,000 within one mile radius
