1031 Exchange TIC Property: Brodick Hill Apartments - Atlanta, Georgia
A 312-Unit Class "A" Luxury Apartment Community
Minimum TIC Investment: $250,000
Located at 7703 Lee Road, Lithia Springs (Douglasville), GA 30122, Brodick Hill Apartments is conveniently situated at the Northwest corner of the intersection of Interstate-20 and Lee Road, on the South side of Vulcan Drive. Although easily accessible by I-20, the property is surrounded by over 20 acres of undisturbed nature area with a creek running through the southern section of the property and wetlands along the creek.
Brodick Hill Apartment was developed by Andrews Properties and completed in 2004. The list of amenities includes a leasing/management office with clubroom for planned social activities, controlled access gates, swimming pool with large sundeck, fitness center, lighted tennis court, clothes care facility, car care center with free vacuum, garages, storage closets, and nature area. Unit amenities include 9’ ceilings, ceiling fans, oversized windows, full-size washer/dryers connections, walk-in closets, chair railing, white-on-white appliances: refrigerators with icemakers, dishwashers, disposals, custom oak cabinetry, kitchen pantries, breakfast bars, track lighting, monitored intrusion alarms, high-speed internet access and private balconies/patios with extra storage. Select units have wood burning fireplaces and sunrooms.
Douglas County is home to Brodick Hill Apartments, part of the 11 county Atlanta Metropolitan Statistical Area. Douglas County is one of the fastest growing areas in the state with population projected to grow 16% in the next four years. Average household income is projected to grow 11% during the same time period. Census estimates in 2004 projected Douglasville as the fastest growing city in the state of Georgia and the 11th fastest growing city in the United States based on percentage of population increases. In addition, Douglas County citizens enjoy the lowest property taxes in the Atlanta metro area. The Board of Commissioners has lowered the millage rate seven times in the past ten years.
The project highlights include:
Minimum TIC Investment: $250,000
Located at 7703 Lee Road, Lithia Springs (Douglasville), GA 30122, Brodick Hill Apartments is conveniently situated at the Northwest corner of the intersection of Interstate-20 and Lee Road, on the South side of Vulcan Drive. Although easily accessible by I-20, the property is surrounded by over 20 acres of undisturbed nature area with a creek running through the southern section of the property and wetlands along the creek.
Brodick Hill Apartment was developed by Andrews Properties and completed in 2004. The list of amenities includes a leasing/management office with clubroom for planned social activities, controlled access gates, swimming pool with large sundeck, fitness center, lighted tennis court, clothes care facility, car care center with free vacuum, garages, storage closets, and nature area. Unit amenities include 9’ ceilings, ceiling fans, oversized windows, full-size washer/dryers connections, walk-in closets, chair railing, white-on-white appliances: refrigerators with icemakers, dishwashers, disposals, custom oak cabinetry, kitchen pantries, breakfast bars, track lighting, monitored intrusion alarms, high-speed internet access and private balconies/patios with extra storage. Select units have wood burning fireplaces and sunrooms.
Douglas County is home to Brodick Hill Apartments, part of the 11 county Atlanta Metropolitan Statistical Area. Douglas County is one of the fastest growing areas in the state with population projected to grow 16% in the next four years. Average household income is projected to grow 11% during the same time period. Census estimates in 2004 projected Douglasville as the fastest growing city in the state of Georgia and the 11th fastest growing city in the United States based on percentage of population increases. In addition, Douglas County citizens enjoy the lowest property taxes in the Atlanta metro area. The Board of Commissioners has lowered the millage rate seven times in the past ten years.
The project highlights include:
- 25,207,650 acquisition price (approx.)
- $9,861,257 equity investment (approx.)
- 6.00%+ CAP rate (approx.)
- $5.80%+ year one cash-on-cash yield (pro forma) (approx.)
- 294,198 Total Leasable Square Feet
- $80,794 per unit (approx.)
- Built in 2004
- Excellent location just off of Interstate-20 in Douglas County
- Exceptional unit and community amenities
- Strong barriers to entry due to limitations placed by local building and planning offices
- 2004 Census projected Douglasville as the fastest growing city in Georgia and the 11th fastest growing city in the U.S.
Contact me for further details and/or property photos.
posted by Mr. High Rise at 11:58 AM
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