It might lack a bike boutique, hot-yoga studio, and other bells and whistles associated with Atlanta’s new apartment stock, but a dearth of competitor inventory, walkability, and “strong demographics” convinced investors to pay a record price for an older apartment community in Candler Park.
Built in 1957, the Maple Place North Apartments complex
along North Avenue where Euclid Avenue meets North Avenue has sold for $4.7 million, according to Franklin Street properties officials, who represented the seller, a private Atlanta investor.
The 33-unit community fronts Freedom Park and the PATH Foundation’s Stone Mountain Trail, a few blocks from Little Five Points.
The sale—at about $225 per square foot—marks a record price for 1950s multifamily property around Candler Park, per Franklin Street officials.
With one and two-bedroom flats, Maple Place joins only few other rental communities in Candler Park, and recent updates have addressed plumbing and electrical, said Jake Reid of Franklin Street’s Atlanta multifamily investment sales team.
“The new investors plan to continue to make cosmetic improvements to the property while realizing continued rent growth,” said Reid, in a statement.
According to Apartments.com, all of Maple Place’s units are occupied. Current rents aren’t specified.
Typical one-bedrooms in the area rent for $1,635, while two-bedrooms fetch a hair under $2,000, per the rental site.