Skye at East Lake
Property Description
Stabilized, Turnkey Asset: Operational performance is stable and healthy at 96% occupancy across both properties, with collections improving from $68K to $94K at Skye I and $84K to $97K at Skye II over the last nine months — representing revenue growth of 38% and 16%, respectively. The property qualifies for high-LTV agency financing, offering investors strong, stable returns from day one.Capital Improvements Enhance Investment ROI: Recent capital improvements totaling approximately $3.3 million encompass both interior and exterior renovations and enhancements. Current ownership’s focus on stabilization, curing deferred maintenance, and curb appeal improvements reduces incoming ownership’s capital requirements and positions new ownership to focus on sustained revenue growth.Proven Premiums – Straightforward Value-Add Story: 60 units (39%) have been recently renovated, achieving average premiums of $125 at Skye I and $73 at Skye II across one- and two-bedroom floor plans. Maintaining occupancy, burning off loss-to-lease, and continuing to renovate on turn is a proven and executable strategy for new ownership.Bridge the Gap – Mark-to-Market Upside: Rent comps of similar vintage within the submarket are achieving premiums above in-place rents and $190 above renovated rents, demonstrating clear mark-to-market upside for an incoming investor.Located in Atlanta’s Hottest Housing Market: Skye at East Lake I benefits from its location in the 30002 zip code, ranked #1 in metro Atlanta by the Atlanta Business Chronicle for its rapidly appreciating home values and strong sales activity. This dynamic market backdrop further enhances the investment potential of the property.High Income and Strong Growth Propel the Area’s Appeal: The properties boast attractive demographics, with an average household income of $133,500, a median income of $88,900, and a projected population growth of 5% within a three-mile radius.
Broker Details
GREA 678-894-2219
Broker Details
GREA 404.538.7875
Broker Details
GREA 404.909.5171
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 156 |
| Lot Size: | 161,992.00 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
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