High demand for workforce housing continues to push up multifamily purchase prices, as evidenced by a record-breaking acquisition by RW Equities. Announced on Thursday of last week, Disrupt Equity sold the 90-unit Central Park Apartments Complex to RW Equities for $8,640,000, or $95,000 per unit. The sale has broken the record for highest price for a 1970’s multifamily property in Clayton County, according to Franklin Street, who brokered the deal.
Jake Reid, part of the Franklin Street’s Atlanta Multifamily Investment Sales Team, described the property as “a true value-add investment asset with a history of high occupancy and proven rental upside within a strong renter’s market.” He described Riverdale as one of Atlanta’s strongest rental markets, seeing “11.9% rent growth since Q2 of 2020.” The previous owners began renovations to the apartment, including the additional of faux hardwood floors and black appliances, which was used to garner a $150 rent increase. The new owners, RW Equities, expects to continue the renovations to “help drive further rent growth” in the future.
The Central Park Apartments were 100% occupied with a waiting list at the time of the purchase, supporting Franklin Street’s assertion of the high demand in the area. The growth of the logistics sector in the area as well as proximity to the Hartsfield-Jackson Airport have driven the high demand for workforce housing in South Atlanta, while supply has not been expanded in the area since 2005.
The apartments feature residences from 600 SF one-bedroom, one-bathroom to 1,350 SF two-bedroom, 1.5 bathroom townhomes. The two-bedroom units have washer and dryer hook ups, balconies and covered porches. They are located at 582 Roberts Drive on a 10-acre lot, adjacent to Riverdale High School and Middle School. The property is located on a MARTA bus-line, and is situated just west of Lamar Hutcheson Parkway and south of Roberts Drive. This positions the housing in close proximity to multiple logistics hubs, the Southern Regional Medical Center and the Airport.
