The Life at Clifton Glen

Stone Mountain, GA

  • Target Annual Cash 13%
  • Target IRR 22%
  • Target Equity Multiple 2.88x
  • Asset Profile Value Add
  • Min. Investment $50K
  • Estimated Hold 3-5Y
Olive Tree Property Holdings LLC New York, NY

Multi-Family Property

About this Property

Olive Tree Property Holdings LLC (“Olive Tree”) acquired Clifton Glen (“Clifton Glen”), a 556 unit multifamily community in Stone Mountain, Georgia, for $40.87 million on July 13th, 2018. Olive Tree also owns Hairston Woods, a 240 unit community, acquired from the same seller in October 2017, less than 3 miles from Clifton Glen.

Clifton Glen is currently 94% occupied and was acquired for roughly 50% of current pre-renovation replacement cost, providing a compelling value-add investment in a growing submarket. The property is attractively situated in DeKalb County, very close to the Stone Mountain Industrial Corridor, which has benefited from strong employment growth over the past several years. Major institutions in the area include Emory University, U.S. Centers for Disease Control (CDC), Cox Enterprises, Children’s Healthcare of Atlanta, and AT&T.

Despite the scale and amenity-rich potential of the community, former ownership has not undertaken the capital and operational improvements necessary to bring the asset up to market rates. Olive Tree will replace management, complete the renovation work, aggressively market the property, and implement tenant selection and retention techniques.

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Key Points

  • Strong Fundamentals
  • Attractive unit sizes that are substantially larger than market comparables
  • Strong demographic base in one of the country’s fastest growing employment regions
  • Significant upside through multiple rent growth drivers
  • Market rents have historically grown 6%+ over the last 24 months
  • Rents at the asset are roughly 23% below market ($1,039/mo. market rents vs. $845/mo. at Clifton Glen)
  • Through an aggressive improvement and repositioning strategy, we aim to achieve monthly rents that are $200+ higher than market average

Financials

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Offering Financial

Location Details

Stone Mountain, GA

The property is attractively situated in DeKalb County, very close to the Stone Mountain Industrial Corridor, which has benefited from strong employment growth over the past several years. Major institutions in the area include Emory University, U.S. Centers for Disease Control (CDC), Cox Enterprises, Children’s Healthcare of Atlanta, and AT&T. The core of DeKalb’s residents are in prime renting age and currently pay a median monthly rent of $991. With Clifton Glen’s market asking rent just above $845/month, there is a clear opportunity to reposition the property and achieve significant rental growth.

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Documents

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Offering Agreement Documents

Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The funding deadline is October 12th, 2018.

The first projected distribution is scheduled for January 2019.

Distributions are scheduled to go out on a quarterly basis.

Yes non-US residents are welcome to apply. Please contact the sponsor for more details.

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Have a Question?

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