The Park at Arlington

^{The Park at Arlington is a 188-unit, garden-style multifamily property located on 16.78 +/- acres in Covington, GA, and was built in 2001. The property offers a desirable unit mix, including one-, two- and three-bedroom floor plans, with 77% of the units consisting of two- and three-bedroom layouts. The spacious units average 1,099 square feet and all include a laundry room with washer and dryer connections. 37% (69 units) are in classic condition, while 63% (119 units) have undergone a “lite” renovation, providing new ownership a “blank canvas” for interior renovation. Current zoning and density permit the addition of 12 more units. The property is conveniently located just 3 miles from I-20, offering a short commute to Hartsfield-Jackson International Airport and Atlanta’s major job centers. Covington, GA, known as “The Hollywood of the South,” is the county seat of Newton County and a submarket within the Atlanta MSA poised for continued growth.}

METICULOUSLY MAINTAINED, INSTITUTIONAL QUALITY ASSET

^{Built in 2001, The Park at Arlington boasts 8- and 9-foot ceilings and an appealing unit mix, with spacious floor plans averaging 1,099 square feet. The current ownership has invested over $1.6 million in capital improvements, positioning the property for new ownership to implement their value-add strategy. The expansive common areas and green space provides significant opportunity for amenity upgrades and additions.}

PROPERTY FUNDAMENTALS

^{The property maintains consistently high occupancy, low delinquency, and low turnover. All units feature spacious, open floor plans and are fully electric, with full-size washer/dryer connections and sunrooms. Additionally, 75% of the units are 2- and 3-bedroom apartments.}

SUBMARKET FUNDAMENTALS WITH IMPRESSIVE DEMOGRAPHICS

^{From 2010 to 2019, Rockdale and Newton Counties saw no market-rate multifamily deliveries, creating a substantial gap in the rental market. The average household income is approaching $100K, and the population is projected to grow by 8% over the next five years.}

BRIDGE THE GAP: INTERIOR VALUE ADD STRATEGY

^{The units are either in classic condition (37%) or lightly renovated (63%). The market supported rents for units built in 2010 or later command an average rent premium of approximately $450 over the property’s current in-place rents.}

ATTRACTIVE ASSUMABLE LOAN AVAILABLE

^{The property is available below replacement cost, either with new financing or through the assumption of an attractive 3.5% interest rate Fannie Mae loan.}

DIVERSE, RAPIDLY GROWING ECONOMIC BASE

^{Nearly $6 billion in investments and over 9,400 jobs are expected to be created in the coming years, with major developments such as Rivian (7,500 jobs) located within a 15-minute drive of the property.}

MAJOR INFRASTRUCTURE IMPROVEMENTS UNLOCK CONNECTIVITY

^{Park at Arlington, along with the 30,000 daily commuters traveling into Atlanta from Newton and Rockdale Counties, is well positioned to benefit from the Georgia DOT’s Major Mobility Investment Program (MMIP), which aims to reduce congestion and cut travel times by 44%.}