Multifamily: Park Creek Apartments - Gainsville, GA
- Property Name: Park Creek Apartments
- Rentable SqFt: ± 194,792
- Purchase Price: $24,900,000
- Price per SqFt: $127.83/sqft
- Equity: $12,800,000
- Loan Amount: $12,100,000
- Loan-to-Value: 48.59%
- Percent Occupied: 94.47%
- Type: Multifamily
Property Description:
Park Creek Apartments is a Class A, 200-unit, garden-style luxury apartment community located in the city of Gainesville, Georgia. Constructed in 1997, Park Creek Apartments is a 10-building complex consisting of two- and three-story split residential units. The complex is currently 94.47% occupied with an average apartment size of 974 square feet and offers one-, two-, and three-bedroom floor plans that are spacious, well-designed, and meticulously maintained. Each apartment comes equipped with either a balcony or patio. Park Creek Apartments has experienced consistent rental income growth of 3% per year, while occupancy has continually outperformed the metro Atlanta rental market. This quality Property is one of Hall County's most luxurious apartment communities.
Park Creek Apartments is located off of Highway 53 (Dawsonville Highway) in an established, growing commercial corridor featuring numerous national retailers. The corridor is home to Colonial Lakeshore Mall which includes 75 specialty shops and is anchored by Sears, JCPenney, and Belk. In addition, several recently completed, upscale community centers are located at the intersection of McEver Road and Dawsonville Highway.
Property Highlights
- Class A apartment complex with meticulously maintained apartments and grounds with superb access to several main thoroughfares
- One of Hall County's most luxurious apartment communities offering spacious living and a wide variety of amenities
- Offers residents proximity to an abundance of retail and entertainment opportunities, all within walking distance
- Displayed consistent rental income growth of 3% per year, while occupancy has continually outperformed the metro Atlanta rental market
Please contact me for a full marketing brochure and further information regarding this investment.
posted by Mr. High Rise at 11:16 AM
1 Comments:
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