Northmarq’s Atlanta office brokers sale of Avana Druid Hills in Decatur, Georgia

ATLANTA, GEORGIA (October 3, 2022) – Jason Nettles, managing director, Megan Thompson, senior vice president, and Peter Chacon, vice president of Northmarq’s Atlanta investment sales team completed the sale of Avana Druid Hills. The 228-unit/266,270 sq. ft. multifamily property (built in 1985) is located at 3471 North Druid Hills Road, Decatur, Georgia.

Northmarq represented both the seller, Greystar, and the Atlanta based buyer, RangeWater Real Estate, in the sale. “Avana Druid Hills offers a unique opportunity for converting large two-bedroom units into three bedrooms in an underserved three-bedroom submarket (less than five percent of the inventory consists of three bedrooms). The highly desirable school system attracts families to the property allowing the three bedrooms to demand premiums of +$500,” said Thompson.

Avana Druid Hills is positioned in North Decatur within the midst of Atlanta’s most affluent neighborhoods. The average price of homes within a 3-mile radius of the property exceeds $700,000 with household incomes topping $118,000. Atlanta’s market is nationally ranked 16th for fortune 500 companies and claims the busiest airport in the world.

Within the Atlanta MSA, Avana Druid Hills borders important employment, education, and medicinal opportunities. The surrounding neighborhoods of Buckhead and Midtown account for over 340,000 jobs per year. Atlanta is home to Emory University, the CDC National Headquarters, and the VA Medical Hospital, equating to an economic impact of $20 billion for the city and state. The property is only three miles from Atlanta’s four largest medical hubs, which includes the Children's Hospital of Atlanta.

The highly active neighborhood has three shopping centers within walking distance of the property. There are five parks located within a 9-minute drive, including Clyde Shepherd Nature Preserve (2.6 miles). Avana Druid Hills is a pet friendly, garden-style property with full renovations plus resort-style amenities. Current management of the property has invested $1.2 million for exterior upkeep, accounting for new roofing, balcony repair, retaining wall replacement, and an LED lighting package.

Community amenities include: Saltwater pool, outdoor lounge with fire pit, fitness studio, clubhouse, grill, picnic area, tennis court, business center, on-site storage, coffee bar, car care facility, and landscaped grounds, and surface parking space. Apartment amenities include: Walk-in closets, hardwood floors, granite countertops, sunroom, fireplace, ceiling fans, in-unit washer/dryer, wi-fi and high speed internet, and fully furnished layout options.

In accordance to Northmarq’s recently released Atlanta Q2 Multifamily Market Insights report, Atlanta’s vacancy rate tightened by 100 basis points since the middle of last year and has continually improved over the last three quarters. At the time of closing, Avana Druid Hills was 95 percent occupied and 97 percent leased. Read the full report.