Highly-Marketable Unit Mix: Comprised of 69% Two- and Three-Bedroom Units Averaging 944 Square Feet with the Availability of Townhome and Renovated Varieties
Substantial Mark-to-Market Opportunity with Current Rents Lagging the Competitive Subset by Approximately 27% ($190)
Significant Value-Add Opportunity through Continued Interior Renovations: $100 Premiums Proven on Renovations to 30 Units
3.7M SF of Retail within a Two-Mile Radius of the Subject Includes Notable Anchors such as Stonecrest Mall & Walmart Supercenter
Continued Organic Growth Demonstrated by Strong Submarket Fundamentals: 4.7% Average Annual Effective Rent Growth and 4.9% Decline in Vacancy since 3Q 2010
The Oaks at Stonecrest is a 280-unit, garden-style community located in the city of Lithonia, about 18 miles east of Atlanta, Georgia. Built in 1971, the apartment community contains 40 two-story buildings, situated near the intersection of Evans Mill Road and Covington Highway. The property is nestled among other small residential communities, yet within close proximity of Interstate 20 and a variety of restaurants, services, and shopping.
The property is situated on 24.04 acres of land, encompassing a net rentable area of 264,424 square feet. Residents have five floor plans from which to choose. The community is comprised of 16 one-bedroom units measuring 726 square feet each, and 232 two-bedroom units ranging from 760 to 1,008 square feet, and 32 three-bedroom units measuring 1,276 square feet each, with an overall average unit size of 944 square feet.
The wooded, suburban property is well maintained and features a business center, fitness center with cardio equipment, laundry facility, and an outdoor swimming pool with sun deck. Individual units are updated, modern, and include fully-equipped kitchens, air conditioning, a private balcony or patio, window coverings, ceiling fan(s), internet and cable access, hardwood flooring, oversized closets, and washer and dryer connections in select units. A leasing office is on-site.
FEATURES & AMENITIES
Located in Lithonia, Georgia
I-20 Industrial Market
Atlanta Sports City at Stonecrest
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
©2019 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx