The Oaks at Ellenwood is a 240 unit, “B-Class” garden style, multifamily rental community, built in 1988. The Property is located in Ellenwood Georgia, 14 miles from the City of Atlanta and 7 miles from Hartsfield Jackson International Airport, the busiest airport in the world. The Oaks at Ellenwood is among the newest assets in the sub- market for its comparable properties and features units which are significantly larger.
A million dollar renovation was completed in 2013 featuring replacement of all roofs, painting of all building exteriors, parking lot resurfacing, piping replacement, complete remodeling of clubhouse and interior unit renovations. Upgrades were also done to the clubhouse and pool area.
The Oaks at Ellenwood enjoys close proximity to numerous employment centers including Clayton State University, Southern Regional Medical Center, Southlake Regional Mall and the Hartsfield-Jackson Atlanta International Airport.
The Oaks at Ellenwood was sold for $9.8 million on November 13, 2014. During the period in which PointOne Holdings owned and operated the property, occupancy increased from 63 to 95 percent and effective rents increased from $535 to $697 per unit per month. PointOne Holdings drove the property’s net operating income from $20,700 to $66,300 per month. The transaction generated in excess of $3 million in net profit after closing costs. When the sales profit is added to the operational cash flow during the holding period, the investment resulted in an IRR of 44.1 percent, or a return of investment of 123 percent over a horizon of less than 2 1/2 years.