Decatur, GA

The Property

Contracted to purchase this asset in a first tier Atlanta suburb from a lender that had foreclosed on the property. The ten story, 121,000 square foot office building was located on 5 acres of land in one of the most unique and resilient submarkets in metro Atlanta. The property was 68% leased and had suffered due to under capitalization.

The Results

Within six months of purchase the surface parking lot was sold to a regional multi-family developer for a 235 unit Class A+ apartment complex which resulted in a significant reduction to the office building’s basis.  The surface parking lot was replaced by a shared parking structure. In addition to the apartment units, the newly repositioned property contained 10,000 square feet of extremely well situated ground floor retail. The retail component was sold upon completion to a national institutional investor.

Post purchase, occupancy in the office building increased to above 95%.