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Vineyard Pointe Apartments for Sale
8213 Highway 85
Riverdale, GA 30274
County: Clayton
Units: 108
Building Size: 67,968 SF
Lot Size: 10.82 Acres
Occupancy: 96.00%
Price: $5,000,000
Price/Unit: $46,296.30
Cap Rate:
6.99%
Year Built: 1988
Property Description: Vineyard Pointe is
an attractive apartment community located between Riverdale and
Fayette County, an area of rapid growth and convenient to many
large employers and newly developed retail projects. Being close
to Riverdale, Vineyard Pointe benefits from the Atlanta Airport
and ancillary distribution centers. Also, several new
residential and retail developments are minutes south of
Vineyard Pointe in neighboring Fayette County.
Vineyard Pointe has been very-well maintained and provides a
strong steady attractive and improving operating performance.
Currently there are no laundry agreements allowing for an
immediate opportunity to increase revenue.
Location Description: Vineyard Pointe offers easy access
to I-75 & I-285 which leads to all major arteries of Atlanta.
The property is located near the Fayette County line, an area
situated in the path of development. Notable area developments
include:
The Pavilion at Fayetteville, located minutes south of Vineyard
Pointe, features nearly 300,000 square feet of retailers, dining
and other services for area residents. The Pavilion has a
Target, Super Wal-Mart, Sports Authority, Marshall's, Ross, Pet
Smart, Ulta, Cost Plus World Market, Home Depot, Dick's Sporting
Goods, Goody's, Family Christian Book Store and countless other
large and small scale retailers. The Pavilion also has a movie
theater called Tinsel Town. This retail development was created
in response to the rapid growth in Fayette County.
Hartsfield-Jackson Atlanta International Airport, 12 miles away
from Vineyard Pointe, is the world' s busiest passenger airport.
In addition, Vineyard Pointe is minutes from some of Atlanta' s
largest distribution and logistics centers.
Scheduled Gross Income: $734,880
Effective Gross Income: $724,943
Operating Expenses: $375,551
Net Operating Income: $349,342
UNIT MIX
1 BR / 1 BA
No. Units: 36
SF: 576
Avg. Mo. Rent: $525
1 BR / 1 BA
No. Units: 52
SF: 576
Avg. Mo. Rent: $535
2 BR / 1 BA
No. Units: 4
SF: 864
Avg. Mo. Rent: $700
2 BR / 1 BA
No. Units: 6
SF: 864
Avg. Mo. Rent: $720
2 BR / 2 BA
No. Units: 10
SF: 864
Avg. Mo. Rent: $738
• Bank
Owned: Vineyard Pointe is a stable cash flowing REO property.
•
Attractive Cash Flow Stream: With current rent collections, 96%
occupancy, and controlled expenses, Vineyard Pointe offers an
attractive cash flow.
• Area Employers: Vineyard point is in close proximity to some
of Atlanta' s largest distribution and logistics centers.
• The
Pavilion at Fayetteville, located minutes south of Vineyard
Pointe, features nearly 300,000 square feet of retailers, dining
and other services.
• Hartsfield-Jackson Atlanta International Airport, the world' s
largest passenger airport and a major area employer, and is
minutes from Vineyard Point
• Rental
Market: Clayton County submarket has seen a 2.3% increase in
realized rent collection over the past year, as well as a
decrease in concessions.
CONTACT:
Southeast Apartment Partners -
Jen Bradley (404) 442-5600
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Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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