Stone Mountain, GA
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.
New York, NY
Available to Registered Users
Available to Accredited Investors:
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.
Available to Accredited Investors:
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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