Adams Investor Group Acquires Another Ripe Property Grown From The Fertile Investment Soil Of The Atlanta Suburbs
Adams Investor Group (AIGP) is pleased to announce a recent acquisition of Clifton Glen Apartments, a 556 unit apartment complex for $27.5 million located in Stone Mountain, Georgia a suburb of Atlanta.
“We’re very pleased with Clifton Glen,” comments Brian Adams of AIGP, “it’s recently undergone interior and exterior renovations and the property appraised at $32 million, which means we’re already enjoying $4.5 million of instant equity.”
Clifton Glen was built in the early 1970’s and features mature grounds, numerous and attractive amenities and comfortable living spaces for its tenants.
The sellers have recently completed more than $16 million in renovations.
In continuing with this plan, AIGP is planning to bring interior units up to the same level of top notch quality that the previous owners have begun.
“Clifton is just about the perfect example of a quality apartment deal,” continues Adams, “Many units are renting at below market value and there are opportunities for additional streams of income. All of this comes from improvements to resident living and in combination with the appraised value, Clifton is a win-win deal for everyone involved.”
AIGP raised $10 million from accredited investors for the down payment, closing costs and funds for capex renovation.
The plan is to add value to the property by implementing some of the following:
- Reducing operating expenses
- Bringing more than 300 units to market level rents and adding instant equity
- Improving individual units with new counter tops, lighting, fixtures, vinyl plank flooring, black appliances and more
The surrounding Stone Mountain area is enjoying a booming industrial and commercial growth.
This growth supplies thousands of jobs with manufacturing and medical prominent among them. Additionally, the proximity of Georgia State and Emery Universities create a big draw to the area for students.
With downtown Atlanta only a short drive away and a growing education, employment and economic base, Clifton Glen is already proving to be a golden opportunity. With an already stable income and resident base, the property provides investors with a solid return.
Clifton Glen will be third party managed by Provence Real Estate, an experienced and professional property management firm well known in the area. They offer great service to residents and are skilled at preserving the investment as well.