NAS Delivers Cumulative ROI of 18.9% to Multifamily Property Investors Despite Major Area Road Construction
Atlanta, Georgia – National Asset Services (NAS), one of the Country’s leading commercial property management companies, has successfully delivered a cumulative return on investment of 18.9% to multifamily property investors with the sale of Brodick Hills Apartments in Lithia Springs, located approximately 18 miles west of downtown Atlanta.
NAS maximized the return-on-investment for their clients despite impaired property access caused by major construction on nearby Lee Road. An aggressive leasing and resident retention program generated an occupancy level of over 98%, creating greater value and marketability for the property at the time of sale. Property management frequently and consistently communicated with residents, accounting for an apartment rating of 96%.
NAS assumed asset management responsibility for the 312-unit, 291,590 square-foot multifamily property in 2009. A group of 32 tenant-in-common (TIC) investors purchased Brodick Hills Apartments in April 2006. The property recently sold to Atlanta-based M. Banks Realty Partners.
Brodick Hills Apartments is the 35th tenant-in-common property facing an impending loan maturity, in which the NAS team has maximized results for investors by taking aggressive measures to increase property value and marketability for selling or refinancing from new capital sources.
‘We are delighted to have once again delivered positive results for our clients by minimizing the negative effects that nearby construction could have had on property performance,” commented Karen E. Kennedy, President and Founder of National Asset Services. “The sale not only maximized results for our clients, but it also comes at an opportune time for the buyer who can now capitalize on a great property located in an area with favorable market conditions.”
Built in 2003 on 53 acres, Brodick Hill Apartments are located at the northwest corner of Interstate 20 and Lee Road. The gated community offers an array of amenities, including a swimming pool with sun plaza, fitness center, lighted tennis court, car care facility; clothes care facility, garages and storage units.