550 Abernathy was acquired as a value-add investment in suburban Atlanta, GA. Although the neighborhood had seen rapid improvement at time of acquisition, the property had received little recent capital investment and was lagging behind its comps. Taking an “outside-in” approach, we completed a comprehensive upgrade and repositioning of the property: exterior paint and siding repairs, extensive plumbing and infrastructure repairs, landscaping and curb appeal enhancements, and a gut renovation of clubhouse and pool / amenity area. We also implemented a unit interior renovation program, updating the units with new kitchens, bathrooms, paint, fixtures, and flooring. With these upgrades, combined with attentive hands-on management, we were able to increase average rents by 35%.
Following a successful implementation of the business plan, 550 Abernathy was sold to a private investor in 2019.