CHASTAIN WOODS 90 Units | Atlanta, GA | Primed Value-Add Asset in Atlanta's Aerotropolis OFFERING TERMS Property Is Offered on an All-Cash Basis
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CHASTAIN WOODS 90 Units | Atlanta, GA | Primed Value-Add Asset in Atlanta's Aerotropolis OFFERING TERMS Property is offered on an all-cash basis. TABLE OF CONTENTS DATA ACCESS Investment Summary . 01 Historical Financial and Property information is available at: multifamily.cushwake.com Property Description...............15 OFFERING PROCESS Location Overview..............19 Send offers via email to: Apartment Market . .25 CHRISTOPHER LYON [email protected] Financial Analysis..........37 Offers should be in the form of a Letter of Intent (LOI) and at minimum include: Price, Earnest Money, Due Diligence Time Period, and Closing Period. DIRECTIONS FROM AIRPORT Follow signs for Riverdale Rd./Camp Creek Pkwy.; get on GA-6/Camp Creek Pkwy.; turn right to merge onto I-285N; take exit 5A for GA-154/GA-166/ Langford Pkwy.; merge onto GA-154/ GA-166; take the Greenbriar Pkwy. exit toward Campbellton Rd.; turn left onto Campbellton Rd.; turn right onto Campbellton Rdl; turn left onto Harbin Rd.; turn left onto Landrum Dr. CONTACT US ATLANTA PRIVATE CAPITAL TEAM LEAD CHRISTOPHER LYON ASSOCIATE +1 404 442 5589 [email protected] TYLER AVERITT EXECUTIVE MANAGING DIRECTOR +1 404 751 2673 [email protected] WESLEY KENNEY ASSOCIATE +1 404 853 5220 [email protected] NATHAN SWENSON SENIOR DIRECTOR +1 404 853 5246 [email protected] EQUITY, DEBT & STRUCTURED FINANCE BLAKE COHEN SENIOR DIRECTOR +1 404 460 1283 [email protected] 1180 PEACHTREE ST, SUITE 3100 ATLANTA, GA 30309 PHONE: +1 404 875 1000 FAX: +1 404 875 4637 multifamily.cushwake.com CHASTAIN WOODS INVESTMENT 90 SUMMARY UNITS 1973 YEAR BUILT 1,333 AVG UNIT SF 119,948 RENTABLE SF 100% 11 OCCUPANCY ACRES $0.58 $772 AVG MKT RENT/SF AVG MKT RENT Atlanta, GA 2929 LANDRUM DRIVE, 30311 1 INVESTMENT SUMMARY DAWSONVILLE ADAIRSVILLE DAWSON COUNTY BALL 75 GROUND WALESKA BARTOW CHEROKEE GAINESVILLE COUNTY COUNTY 575 CANTON KINGSTON 985 CUMMING FLOWERY BRANCH HALL COUNTY CARTERSVILLE FULTON COUNTY FORSYTH COUNTY CHASTAIN WOODSBRASELTON 85 WOODSTOCK HIGHLIGHTS 75 OFFERING ALPHARETTA SUWANEE BARROW COUNTY ACWORTH 575 The Cushman & Wakefield Southeast Multifamily Advisory Group ATLANTA’S GROWTH CONTINUES ROSWELL is pleased to present the exclusive listing of the 90-unit Chastain Atlanta, the economic capital of the Southeast and AUBURN Woods apartment community located in south metropolitan DULUTH global business hub is one of the fastest growing KENNESAW 1 metros, with the 10th largest GDP in the U.S. Atlanta, Fulton County, Georgia. Strategically situated six miles DACULA 85 PAULDING PEACHTREE COUNTY northwest of Hartsfield-Jackson International Airport,CORNERS this HARTSFIELD-JACKSON AIRPORT asset benefits from numerous employment drivers in the rapidly NORCROSS LAWRENCEVILLE DUNWOODY With a $64.2B annual economic impact, the Atlanta MARIETTAexpanding75 Atlanta aerotropolis district. Built in 1973, Chastain GWINNETT airport is the largest jobCOUNTY producer in the state, Woods boasts the largest floor plans in the submarket (1,333 Avg. SANDY generating 63,300+ high-paying positions on-site and SPRINGS 2 COBB SF), and is a consistently well-occupied asset with proven value- 450,000+ metrowide. COUNTY DALLAS 285 add potential. DORAVILLE LILBURN CHAMBLEE PROXIMATE TO KEY ECONOMIC DRIVERS HIRAM SMYRNA Chastain WoodsSNELLVILLE is embedded in Atlanta’s Southern 85 Crescent, which is the metro’s largest industrial LOGANVILLE POWDER 75 3 market with more than 266.5M SF of industrial space. SPRINGS BUCKHEAD MABLETON EXCELLENT SUBMARKET FUNDAMENTALS STONE WALTON MOUNTAIN The South Atlanta submarket offers favorableCOUNTY AUSTELL 285 dynamics, with a 36.5% growth in average effective DECATUR 285 MIDTOWN 75 DRUID HILLS DEKALB rent since 2010 and average effective rent of $831. AVONDALE COUNTY 4 85 ESTATES 20 DOWNTOWN ORGANIC GROWTH WITH REVENUE UPSIDE DOUGLASVILLE Chastain Woods has seen significant organic growth VILLA RICA LITHONIA in average effective rent with almost 10% increases 20 20 5 on three-bedroom unit recent leases. EAST POINT 285 MARKET-PROVENCONYERS VALUE ADD DOUGLAS COUNTY The subject’s in-place effective rents trail the market COLLEGE PARK HARTSFIELD- leader by $294. A new owner can generate significant JACKSON INTERNATIONAL AIRPORT 6 upside by completing interior upgrades on 88 units. FOREST 20 PARK COVINGTON 675 ROCKDALE COUNTY CUSHMAN & WAKEFIELD 2 MORROW FAIRBURN RIVERDALE FULTON STOCKBRIDGE COUNTY CARROLL NEWTON 75 COUNTY CLAYTON COUNTY 85 COUNTY JONESBORO TYRONE HENRY COUNTY LOVEJOY McDONOUGH FAYETTEVILLE FAYETTE COUNTY PEACHTREE HAMPTON CITY NEWNAN LOCUST GROVE COWETA COUNTY SHARPSBURG BUTTS COUNTY SPALDING COUNTY JACKSON 85 FLOVILLA GRIFFIN GRANTVILLE 75 LUTHERSVILLE MONROE COUNTY HOGANSVILLE MERIWETHER PIKE COUNTY COUNTY TROUP COUNTY LAMAR MILNER COUNTY ZEBULON CONCORD CHASTAIN WOODS 1. ATLANTA’S GROWTH CONTINUES 2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT 8 Most-Traveled Moving Most City for Airport in the destination Affordable Availability of # World # in the nation # Big City # Internships 1 - Airports Council Int'l. 2018 1 - Penske 2018 1 - WalletHub 2018 1 - WalletHub 2018 ATLANTA MULTIFAMILY MARKET SNAPSHOT -CW Research Q3 2018 4.8% 3.8% 17% Vacancy Rate (Compared YOY Rent Projected Increase in Atlanta to 4.1% for the U.S.) Growth Effective Rent by 2023 ECONOMIC CAPITAL OF THE SOUTHEAST & GLOBAL BUSINESS HUB #5 #2 #2 #3 #1 Metro Area for Job City for Professional Metro Area for Economic Metro Area for Largest U.S. City for Startups that is Growth, Business Opportunities, Growth Potential, Increase in Population 2016- not New York or San Francisco, Facilities 2018 WalletHub 2018 Business Facilities 2018 2017 (89K), U.S. Census 2018 FitSmallBusiness.com 2018 3 INVESTMENT SUMMARY CHASTAIN WOODS 2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT SUMMARY OF AIRPORT IMPACT 2009 2018* JOBS Direct On-Site Jobs 58,000 63,291 Total Indirect Jobs 376,400 385,405 TOTAL REGIONAL JOBS 434,400 448,696 DOLLAR IMPACT Total Metro Atl $ Impact $58.2B $64.2B Total GA $ Impact $68.3B $70.9B INCOMES Airport-Generated Avg Income N/A $65,870 Air Cargo Related Avg Income N/A $64,728 *Latest Data Available 63,300+ 450,000+ $64.2B+ Jobs on Site Regional Jobs Impact Metro Economic Impact CUSHMAN & WAKEFIELD 4 CHASTAIN WOODS 2. HARTSFIELD-JACKSON INTERNATIONAL AIRPORT (CONTINUED) IRREPLACEABLE AEROTROPOLIS IMPACT Chastain Woods is strategically located six miles northwest of Atlanta’s Aerotropolis district. Strategic development and targeted industries surrounding Hartsfield-Jackson International Airport elevate the area’s economic influence and quality of life. NOTABLE AEROTROPOLIS HEADQUARTERS EXISTING MIXED-USE ECONOMIC CENTERS • Delta Airlines - Georgia’s #1 private employer with 33,000 statewide; has added 1 GA International Convention Center (GICC) 6,800 employees since 2008 • Georgia’s newest (2009) and second-largest (400K SF) • Chick-fil-A: Atlanta-based chain w/2,000+ Restaurants Nationally convention center. • Porsche Cars North American HQ - 400 Employed • First U.S. convention center connected to airport via automated people mover (the ATL SkyTrain). • Airport Gateway Center: 1.1M SF mixed-use office/Marriott Hotel 5 -M campus next to GICC, opened in 2008. IL 8 E R A D IU S 2 Porsche North American HQ • Anchors 122-acre redevelopment site (former Hapeville Ford 75 Plant) NW of airport. Open in 2015, the $100M campus employs 400 (100 new to Georgia). 285 • Includes Technical Training Center, Classic Car Restoration and 85 Display Area, Business Center, and Porsche Experience Center 6 with 1.6-mile test track 3 2 1 • Inspired by Crystal City near Reagan National Washington 4 5 Airport, Main Street Partner Group LLC is planning a $100M mixed-use “town center” next to Porsche. First phase will have 50K SF retail with a boutique grocer. 7 HARTSFIELD-JACKSON INTERNATIONAL AIRPORT 85 75 5 INVESTMENT SUMMARY CHASTAIN WOODS EMERGING MIXED-USE DEVELOPMENTS IN AEROTROPOLIS FOOTPRINT Since forming in 2014, the Aerotropolis Atlanta Alliance (aeroatl.org) has been the driving force behind the transformation of the area surrounding Hartsfield- Jackson. The Alliance’s new blueprint lays out a vision to transform the entire South Atlanta region into an expanded Aerotropolis with a corporate crescent, airport city, and green corridor of trails surrounding the airport. 3 Porsche Solis Hotel // 214 Rooms 4 Gateway Center // $230M Mixed-Use 5 Airport City // Mixed-Use At Airport Luxury Solis Hotel; first of its kind in Atlanta; 1.1M SF Class A Office/Marriott Hotel complex Planned 4-Star InterContinental hotel, Class A 6,500 SF of event space and 3,600 SF ballroom next to GICC; Renaissance Hotel Office, and Travel Plaza 6 The Pad On Harvard // $41M Mixed-Use 7 Fort Gillem // 1,500-Acre Former Base 8 Fort Mcpherson // 488-Acre Historic Base Transit-Oriented Complex with 109 Units, 50K SF 1,168-Acre Gillem Logistics Center 8M SF Master Plan Redevelopment Studies in Process; 330 acres to Retail, Aloft Hotel next to College Park MARTA includes new 1.2M SF Kroger distribution facility (2015) include $100M Tyler Perry Studios CUSHMAN & WAKEFIELD 6 CHASTAIN WOODS 3. PROXIMATE TO KEY ECONOMIC DRIVERS ATLANTA'S LARGEST DISTRIBUTION & LOGISTICS CORRIDOR Atlanta's Southern Crescent is a prolific "Savannah side" distribution submarket with 266.5M SF of space. 75 20 20 3 85 DEKALB AIRPORT/SOUTH COUNTY 285285 ATLANTA INDUSTRIAL 6 2 SUBMARKET FULTON INDUSTRIAL 2 5 (74.7M SF) DISTRICT 1 20 (88M SF; INCLUDES I-20 WEST) 4 675 UNION CITY 8 13 I-75 SOUTH INDUSTRIAL SUBMARKET 85 (54.6M SF) I-85 SOUTH INDUSTRIAL SUBMARKET (49.2M SF) 7 10 9 75 COWETA COUNTY 12 85 11 MAJOR SOUTHERN CRESCENT ECONOMIC DRIVERS 1. Hartsfield-Jackson Atlanta International Airport: world’s busiest 5. Gillem Logistics Center: 1,168-acre master plan includes 1.3M 10. Planned $150M Founders Studios, a second big Fayette film and airport and Southeast’s largest job base (63.3K+ direct, 450K+ Kroger, 1M SF HD Supply, and 850,000 SF Keuhne & Nagel and television complex, has grown to 200 acres. indirect) in midst of $6B expansion.