Sierra Gardens - Exterior 2

3649 Buford Highway, NE Atlanta, GA

194 Units

Strategic acquired Sierra Gardens (132 Units) and Sierra Station (62 Units) as a portfolio on October 27, 2017 for $16,900,000. These properties are across the street from each other and are managed by the same management and maintenance staff. They were both fully occupied at the time of acquisition, but the unit interiors weren't upgraded since the property was built in the 1970's. Strategic is implementing a value-add strategy and will be investing approximately $1,400,000 in improvements in order to achieve the higher market rents. After the improvements are completed and the rents are increased, the property will be worth approximately $23,250,000.

DETAILS

Estimated Pro-Forma Value: $19,000,000
Acquisition Price: -$16,900,000
Costs: -$1,053,700
Estimated Profit: $1,046,300