In 2021, CGI+ entered a contract to purchase the two-property portfolio of Brookhaven, The Mille and Twenty-Nine 24, located on 1000 Barone Avenue and 2924 Clairemont Road Atlanta, GA, respectively. Both properties approximate over a million square feet in gross building size, situated on an estimated 24 acres of land.
The portfolio provides a healthy unit mix as well as a myriad of amenities. Floor plans range from studio to 1-bed, 2-bed, and 3-bed units. The gated communities provide various outdoor amenities such as a picnic area and playground, BBQ & grill, and pool & spa. Residents also have access to the community clubhouse, business and fitness centers, and a sundeck. With the properties being adjacent to each other, there are many synergies that can be utilized for residents.
The communities are in a dynamic submarket with several large employers such as Emory University and the CDC (Centers for Disease Control). The location is also bolstered by over $2.5B of medical-related development within a 1.5-mile vicinity.
CGI+ intends to make repairs of various upfront capital expenditures as well as unit renovations to raise rents in line with the market.
|Property Address:||1000 Barone Ave, Atlanta, GA|
|Investment Type:||Residential Value-Add|