Multifamily
Chestnut Lane Apartments
82-A Berry Ave, Newnan, GA 30263
Listing Price: $7,500,000
Investment Overview
Marcus & Millichap is pleased to present Chestnut Lane Apartments, a compelling acquisition opportunity
offered at an attractive cap rate. With the expiration of the USDA Rural Development (RD) affordability
restrictions, the Property has transitioned to market-rate operations. Existing in-place tenants are receiving
RD-issued tenant-based vouchers to offset the increase from restricted rents to market rents. These
vouchers are assigned to the tenant—not the Property—and provide a temporary income bridge as units
naturally turn over and are re-leased at market rates.
Well positioned within a quiet residential neighborhood, the asset benefits from its desirable setting
and steady rental demand. Newnan, GA continues to experience rapid growth as a sought-after Atlanta
submarket, with the population projected to increase approximately 2.3% over the next several years.
Chestnut Lane Apartments
Investment Highlights
- Fully stabilized, recently updated to market rents
- High occupancy, now offering market rate rents from affordable
- Well located in downtown Newnan, GA
- Newnan population growth projected to increase 2.3% in next 4 years
- Very small amount of apartment units under construction or set to deliver in the near future
Exclusively Listed By
Financing By
Listing Price: $7,500,000
Investment Highlights
- Fully stabilized, recently updated to market rents
- High occupancy, now offering market rate rents from affordable
- Well located in downtown Newnan, GA
- Newnan population growth projected to increase 2.3% in next 4 years
- Very small amount of apartment units under construction or set to deliver in the near future
Investment Overview
Marcus & Millichap is pleased to present Chestnut Lane Apartments, a compelling acquisition opportunity offered at an attractive cap rate. With the expiration of the USDA Rural Development (RD) affordability restrictions, the Property has transitioned to market-rate operations. Existing in-place tenants are receiving RD-issued tenant-based vouchers to offset the increase from restricted rents to market rents. These vouchers are assigned to the tenant—not the Property—and provide a temporary income bridge as units naturally turn over and are re-leased at market rates. Well positioned within a quiet residential neighborhood, the asset benefits from its desirable setting and steady rental demand. Newnan, GA continues to experience rapid growth as a sought-after Atlanta submarket, with the population projected to increase approximately 2.3% over the next several years.
Exclusively Listed By
Financing By
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