Property Name: The River Communities
Location: Atlanta, GA
In October, 2005 Greystar purchased a portfolio of apartment communities in Atlanta, GA collectively known as the River Communities. The strategy for the portfolio primarily consisted of exterior renovations including a complete residing of all buildings, extensive landscaping upgrades, and upgrade on common area amenities with the end goal of the exterior work being the presentation of an institutional quality asset. Minor work related to unit interiors was also performed.
As a result of the renovations performed and improved onsite management, Greystar was able to grow effective lease rates by approximately 16%, more than doubling the submarket growth rate of 7% during that same period. As a result, Net Operating Income at the property increased by approximately 45%.