1122 Old Chattahoochee Avenue was purchased in winter 2001. Centrally located in Atlanta’s Chattahoochee Industrial District this property represented AIP Properties’ first renovation opportunity. Purchased for $33.00 per square foot the 30,300 square foot multi-tenant warehouse was cosmetically enhanced and released during the first six months of ownership.
Permanent debt was placed on the property in late 2001 based on a value of $45.00 per square foot. The property was refinanced again in 2004 based on a value of $65 per square foot. The property has annually returned investors in averaging excess of 15% on a cash on cash basis in the last eight out of ten years.
