This time last year, a once-tired 1960s apartment complex emerged in Sweet Auburn with a new name (The Avery) and look, touting skyline views, Beltline and MARTA walkability, and one-block proximity to Edgewood Avenue attractions.
The formula apparently worked, as the revived property just fetched a record per-unit price for 1960s-era multifamily communities in Atlanta, according to officials with Franklin Street, the commercial real estate company that orchestrated the sale.
The 30-unit complex — once described as “troubled,” and now called “boutique” — sold for $5.65 million. That breaks down to more than $188,000 per unit, and $200 per square foot.
Average rents at The Avery are $1,500 monthly, officials said.
In a press release today, the unnamed buyer is described only as “a local private investor” who is planning to “continue operating the asset and anticipates future growth through the continued improvement of the Sweet Auburn district.”
Amenities now include a dog park, outdoor fire pit area, and Wi-Fi-enabled lighting and HVAC systems.
“This property is now one of the trophy assets in the Sweet Auburn district ... and a great success story of revitalizing a previously troubled asset,” Jake Reid, Senior Director for Franklin Street’s investment sales team, said in the release.
According to Realtor.com, the building dates to 1969 and sold for $3 million in 2015.
Have a look around:
- New Old Fourth Ward Rentals are Harboring Special Secrets [Curbed; 2015]