AIP Properties purchased the five story, 63,550 SF multi-tenant office building with exposure on I-285 in Atlanta’s North Central submarket from Broadland Property Group. The purchase price was $5,100,000. Immediately upon closing AIP Properties conducted a total renovation of the interior and exterior of property, over the next (12) months, totaling more than $3M.
At the time of purchase the Georgetown was approximately 80% leased with rates averaging in the $12-14.00 SF. After completion of the renovation the property was 99% leased and achieving rates of $19.95 SF as of January 2017.