Elite at Lakeview
Property Description
Scale-Driven Efficiency with Immediate Cash Flow: Elite at Lakeview is a 326-unit community operating at a stable 92% occupancy with low delinquency, delivering strong in-place cash flow and immediate operational efficiencies. Its scale and stable performance provide a reliable return today, while offering meaningful upside for future revenue growth.Extensive Capital Improvements & Durability: Elite at Lakeview underwent a comprehensive renovation in 2006. Major upgrades include new windows, sprinkler systems, electrical systems, cabinets, six-panel interior doors, and French doors, along with washer/dryer connections added to all units. Combined with durable red steel construction and roofs that were replaced in 2021, the property offers long-term stability with minimal capital needs for decades to come.High-Demand Amenities & Efficient Utilities: Elite at Lakeview features a new leasing office, upgraded fitness center, playground, scenic lake views, and walking trail, complemented by an all-electric utility structure and washer/dryer connections in 100% of units.Proven Interior Value-Add Opportunity: Current ownership has successfully upgraded 76 units (23% of the property), achieving proven rental premiums of $100 to $130. Leveraging the strong foundation established by the 2006 renovation, a new owner can quickly and cost-effectively update the remaining 250 units to capture this substantial upside by applying a modern finish scope, including grey-scale paint, painted cabinetry, faux-wood flooring, tile backsplashes, and refreshed lighting, hardware, countertops, and appliances.Significant Rent Growth Potential: The property’s current 2-bedroom average rental rate of just $1,053 sits well below the submarket average of $1,445, providing a clear runway for organic revenue growth. This massive upside is strongly supported by competing properties of similar size and vintage, with market leaders like Rugby Valley achieving up to $1,850 for their 2-bedroom floor plans, offering a new investor exceptional safety and downside protection.Located in One of the Country's Largest and Most Active Industrial Corridors: Located just two miles west of Hartsfield-Jackson Atlanta International Airport, the world’s busiest passenger hub, the asset offers exceptional connectivity and proximity to a major employment center with 64,000 jobs, including Delta’s headquarters, FedEx, Wells Fargo, and other prominent employers.
Broker Details
GREA 678-894-2219
Broker Details
Broker Details
GREA 404.909.5171
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 326 |
| Lot Size: | 283,744.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
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