Multifamily Asset in Buckhead Sells for $8.5 Million
NORCROSS, Ga., Oct. 6, 2022 /PRNewswire/ — CentryStone Capital (“CentryStone”) is pleased to announce that it has acquired Vic at Buckhead, a 40 Unit apartment at Atlanta GA on September 30, 2022.
VIC at Buckhead is an attractive, newly renovated, multifamily property in the heart of Buckhead, Atlanta’s most prestigious residential district. Constructed in 1962, the property features 40 two-bedroom garden-style units averaging 980 sq. ft. with washer/dryer connections. The property is adjacent to the Brownstones at Habersham, which are townhouses selling for and valued at over $1M. Located in the heart of suburban Atlanta, and only a 15-minute drive from downtown, the residence provides tenants convenient access to the greater Atlanta metropolitan area.
CentryStone President Kelly Zhaoju Shen commented: “We are excited to acquire an apartment in Buckhead, the most sought-after enclave in Atlanta.” CentryStone’s plan is to complete interior and exterior renovations, improve under-utilized space to create amenities for residents, and experience the economic growth of Atlanta’s most prestigious enclave. “CentryStone is excited to enhance the property and our goal is to create a nice living environment for our residents,” said Shen.
The property itself is located within a short drive of a shopping mall, various grocery stores, as well as the Hartsfield-Jackson Atlanta International Airport. Potential tenants include students and employees of both Emory University and Georgia State University as well as any young professionals working in the greater Atlanta area. Financially, the VIC at Buckhead fits perfectly into CentryStone’s expected returns based on previous investment histories. This submarket is expected to see continued population and economic growth in the coming years, ensuring that both the value of the property as well as potential revenue from leases will continue to grow.
The VIC at Buckhead is a strong addition to CentryStone’s already robust portfolio of properties in the greater Atlanta area. Leveraging the firm experience in this specific market, CentryStone was able to identify and execute this acquisition opportunity both effectively and efficiently.
CentryStone is an integrated real estate investment and management firm that specializes in commercial real estate and land development. CentryStone believes in creating successful, resilient opportunities that lead to superior returns, more cohesive communities, and stronger economic development, all of which benefit both itself, its tenants, and its investors. For more information, please visit www.centrystone.com.
SOURCE CentryStone Capital