Executive Summary

Berkadia’s Atlanta Investment Sales team is pleased

to present the 306-unit Ashford Walk multifamily

community, boasting 139 newly renovated units. Located

in the Atlanta MSA, the Doraville submarket has exhibited

strong fundamental trends since 2014. As a result, the

subject has experienced impressive year-over-year

growth in effective gross income and a strong economic

occupancy trend. Additionally, economic development

and expansion have been strong in Doraville, led by the

Assembly Yards mixed-use development. Ashford Walk’s

location offers excellent connectivity to Atlanta’s major

employment hubs, including the I-85 Office/Industrial

Corridor, Central Perimeter, Emory/CDC, Cumberland

Galleria, the proposed Project Rocket, and Buckhead.

 

Built in 1983, the high-quality subject benefits from an

extensive capital improvement program totaling more

than $8.5M since 2015 and has successfully implemented a

multi-tiered interior renovation program that is garnering

$190 average rental premiums. In addition to its continued

value-add potential, Ashford Walk offers multiple

additional upside opportunities including substantial

mark-to-market and loss-to-lease burn-off opportunities.

The subject will be offered well below replacement cost

and at a compelling basis relative to new sales in the area.

Investment Highlights

PROXIMATE TO MAJOR DEVELOPMENTS

AND ECONOMIC DRIVERS

Strong Upside Opportunity

Value-Add

$190 Average Premiums

167 Unrenovated Units (54.6% of Property)

Loss-to-Lease Burn-Off

6.4% LtL

$248K Pent-Up, Organic Rent Growth

Substantial Mark-to-Market Opportunity

$277 Average Rent Differential

26.8% Below Competitive Subset

$240 Total Opportunity Premium (Proven Value-Add + Loss-to-Lease Burn-Off)

 

$8.5M ($27,871/Unit) Capital Infusion

Interior Renovations - $2.2M

Landscaping/Parking - $ 1.1M

Building Exteriors - $3.8M

Mechanicals - $296K

Amenity Modernization - $654K

Compelling Recent Property Performance

+10.2% T-9 Growth EGI

91.3% T-6 Average Economic Occupancy

$319K+ Total Collections April 2019 (All-Time High)

Strong Doraville Apartment Submarket Fundamentals Since 2014

8.2% Average Annual Effective Rent Growth

180 BPS Decline in Vacancy to 4.7%

The Property

SUMMARY

UNITS

YEAR BUILT

METERING

PARKING

TOTAL SF

AVERAGE UNIT SF

SITE ACREAGE

DENSITY

PARCEL NUMBER(S)

TYPE OF BUILDINGS

HVAC

HOT WATER

ROOFS

306

1983 / Renovated 2015

Individual Gas and Electric; Central Water

600 Spaces

260,334

851

23.65

12.94 Units Per Acre

18-0291-02-009

65, Two-Story, Garden-Style

Central, Split System with Pad-Mounted

Condenser

Individual and Central Gas

Pitched with Composition Shingle

Amenities

Unit Amenities

  • Fully Equipped Kitchen
  • Vaulted Ceilings
  • Fireplace*
  • Washer and Dryer Connections*
  • Extra Storage
  • Garage*
  • Patio or Balcony

*Select Units

Common Area Amenities

  • Clubhouse with Business Center
  • Swimming Pool
  • Tennis Court
  • Volleyball Court
  • Playground
  • Laundry Facilities

Location

Contact

Investment Advisors

Financing

ATLANTA OFFICE

3550 Lenox Road NE Suite 2600 Atlanta, GA 30326 P. 404.654.2601 Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.

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