AIP Properties purchased the three story, 39,650 SF multi-tenant office building in Atlanta’s Northeast submarket. Located two minutes from I-285 & I-85 the property is in the Embry Hills community, a hot bed for millennials because of its close in access to Atlanta’s interstate system and Emory University.
The purchase price was $1,750,000 ($44.12SF), the Seller, Golder & Associates, leased back the lowers level for five years for lab space at $13.50 SF ($10,500 mth). Upon closing AIP Properties demolish the interior finish on the top two floors, apply a new roof, replace all exterior windows, install all new mechanical equipment, upgrade the elevator, paint the building, seal and stripe the parking lot and install all new landscaping throughout the property in order to upgrade the appearance of the building. The renovation cost totaled $650,000 for a total project cost of $2,400,000.
AIP Properties sold the property in August 2019 to a user who will create a music studio for $$3,200,000 providing an annualized 250%+ return.