The 66-unit Northlake Apartments complex in Tucker recently sold for $9.9 million, or $150,000 per unit.
The three-building, 3.8-acre property is 100% occupied and located at 2006 Northlake Parkway.
Courtesy of Google Maps.
The grandfather of the new owner, Clayton Edwards of KENCO, developed the property in 1970. Chandler and Taylor Brown of GREA represented the seller, Walden Group principal Steven Schorr.
The community features pitched roofs with one- and two-bedroom floorplans. The average in-place rent is $917, according to marketing materials, which note the opportunity for the new owner to boost rents by $340 to $450 with interior upgrades.
Neighborhood amenities include a pool and grilling area. KENCO plans exterior-siding enhancements, interior renovations and amenity upgrades.
Northlake is located directly across from the ongoing redevelopment of the Tucker Exchange office building, which will add three additional mixed-use buildings with 409 apartments, as well as coworking, retail and office space.
“The Tucker submarket is exploding with prime retail, infill location and a sought-after school district,” Chandler Brown said. “Northlake Apartments is in a prime location in Tucker, making this a highly desirable property.”
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