Location – This asset is located just southwest of the Stone Mountain Industrial Corridor (31M SF), and is convenient to all of Atlanta’s large employers via I-285. Ascend at Stone Mountain, previously known as, Mountain Vista, in Stone Mountain, GA consists of 144 units on 10 acres and on-site gated surface parking for every unit. Built in 1984, this property has tremendous value-add potential through a comprehensive renovation plan extending from the exterior to unit interiors. Effective rents for the immediate submarket have grown by more than 90% since 2015. Stone Mountain’s vacancy dropped as low as 3.7% through Q1 2022. Atlanta is one of the fastest-growing metros with the 10th largest GDP in the U.S. As the economic and social engine of the Southeast, the city is No. 3 for Fortune 500 companies with 18 currently & more on the way.
Value – XSITE Capital has the opportunity to upgrade a good number of the classic units given that all 144 units are in their original state. The units consist of a mix of one bedroom, two bedroom, and three bedroom floorplans. Common area amenities include a pool, sports court, business center, playground, laundry facility, and on-site gated surface parking for every unit.