Chelsea Gardens – 474 Units

Waterstone Multi-Housing Advisors is pleased to present Chelsea Gardens Apartments; a 474 units garden style complex located in College Park, Georgia at the very heart of Atlanta. This sprawling property was built in 1972 and consists of 45 buildings including a clubhouse and laundry facility. The property sits on one parcel of 24 acres. Chelsea Gardens consists of 12 different floor plans which include 173 – 1 Bedroom/1 bath units, 193 – 2 bedroom/2 bath units, 67 – 2 bed/2.5 bath townhome style units, and 41 – 3 bed / 2 bath units. The amenity package includes a fitness center, tennis court, playground, business center, dog park and laundry facility. There is a washer/dryer connection in each unit, however the owner doesn’t include the laundry appliances.

Potential investors should note that there was a fire recently in building of 12 – 1 bed / 1 bath units.  It appears that the damage was extensive and ownership is evaluating a rebuild/tear down scenario.  This transpired in May and the ownership and insurance should have a decision shortly.  There are also 4 – 3 bed / 2 bath down units from a previous fire that happened before ownership had acquired the property.   At the time of acquisition, there were over 200 vacant units in some level of disrepair and since have all had a degree of remodel (flooring, cabinets, countertops, backsplash, appliances).  The fire units are included in the due diligence vault.

The Atlanta MSA is the 6^th largest metropolitan region in the United States which is home to over 6 million residents and 69,000 new residents in 2023. This property is conveniently located near Atlanta Hartsfield-Jackson Airport with easy access to major highways that include Interstate 285 and Interstate 85. It also sits in close proximity to many retail and grocery anchors.

Investment highlights

• Value add opportunity
  • Lowest average rent in College Park, GA
  • Most units renovated – mainly cosmetic stuff / curb appeal left
  • New roofs (2017) and majority of A/C units replaced within last few years
  • 86% occupancy (excluding down fire units)
• Ability to immediately have economies of scale in Atlanta MSA

New owners will receive insurance money prior to closing and have ability to choose where to use funds

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