Franklin Street has arranged the sale of Central Park Apartments, a value-add, workforce housing community in Riverdale, Georgia, a fast-growing submarket just south of Atlanta. The 90-unit asset sold $8,640,000, achieving record pricing for 1970s-built multifamily product in Clayton County.
Jake Reid and Chad DeFoor, with Franklin Street’s Atlanta Multifamily Investment Sales Team, represented the seller, Texas-based Disrupt Equity, in the transaction. The buyer is RW Equities, a New York-based multifamily owner and operator focused on value-add and core opportunities in prime Southeast and Midwest markets.
Central Park Apartments was 100 percent occupied at the time of sale. Residences range from efficient 600-square-foot one-bedroom, one-bathroom apartments to spacious 1,350-square-foot, two-bedroom, 1.5-bathroom townhome-style units. All two-bedroom units have washer and dryer hook ups as well as balconies or covered porches.
A dozen units have recently been renovated with black appliances and new faux hardwood laminate flooring in the living rooms and kitchens, which allowed the previous owner to boost monthly rents by $150.
“Central Park Apartments has an excellent, centralized location in Riverdale, one of Atlanta’s strongest rental markets, which has seen 11.9 percent rent growth since Q2 of 2020,” said Reid. “This pricing illustrates the continued interest in workforce housing along the southside of Atlanta, given the dense workforce within the logistics sector and proximity to Hartsfield-Jackson Airport.”
DeFoor added: “This is a true value-add investment asset with a history of high occupancy and proven rental upside within a strong renter’s market. This property is already in high demand, with a waiting list for the larger units, and RW Equities’ continuation of the renovation program will help drive further rent growth.”
Notably, no large-scale institutional apartments have been added to Clayton County since 2005 and no new market-rate projects are underway or proposed, positioning Central Park Apartments for continued high occupancies.
At 582-614 Roberts Drive, the property is situated on just under 10 acres, directly adjacent to Riverdale Middle School and Riverdale High School and has a covered MARTA bus stop onsite. The property is within 2.5 miles of over 8 million square feet of industrial space and less than a mile from over 1.2 million square feet of medical office space surrounding Southern Regional Medical Center.