Description

JLL, as exclusive advisor, is pleased to present for sale Vireo (the “Property”), a 310-unit, Class A investment opportunity located in the Midtown submarket of Atlanta, Georgia. The property consists of studio, 1-, and 2-bedroom apartment homes that feature luxurious interior finishes including stainless-steel appliances, quartz countertops, private balconies, Honeywell smart thermostats, and subway tile backsplash. Residents enjoy a full suite of community amenities which include a rooftop pool with sweeping skyline views, fitness center with an outdoor terrace, rooftop grilling stations, firepits, courtyard, pet spa, and a rooftop sky lounge.

Completed in 2019, Vireo presents the rare opportunity to acquire a trophy high-rise asset in the highly walkable heart of Midtown Atlanta. The centralized location offers residents access to retail, employment, life-style amenities, & entertainment that is unparalleled to anywhere else in the Atlanta MSA.

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Attributes

Number of units

310

Occupancy

97%

Year built

2019

Building area net

22,754 m²

Parking spaces

501

Media

Investment Highlights

Trophy Asset Offered Below Replacement Cost - Completed in 2019, Vireo offers high-end finishes including stainless-steel appliances, quartz countertops, and smart thermostats at an estimated ±$572K per unit replacement cost—representing a 40%+ discount to what it would cost to build today.

Exceptional Property Performance - The property demonstrates outstanding metrics with ±97% current occupancy, ±4.9% average vacancy loss, and ±0.1% bad debt. Recent leasing momentum shows ±7% effective renewal rent growth and ±6% effective new lease rent growth over the trailing 90 days.

Rare Midtown Acquisition Opportunity - Vireo represents one of only 3 Midtown high-rise sales in the prior 4 years. The centralized location offers unparalleled access to retail, employment, and entertainment in Atlanta's #5 Best Neighborhood to Live in America.

Imminent Submarket Stabilization With No New Supply - Midtown has 0 properties under construction and only 5 properties in lease-up. This supply-constrained environment positions ownership to capitalize on outsized rent growth as the final properties stabilize within the coming year.

Located in Atlanta's Top Employment Hub - Vireo sits in Midtown Atlanta, the #1 best place to start a career, featuring ±15.5MM SF of Class A office, ±82K daytime workers, and 3 Fortune 1000 headquarters. Midtown has seen $10.3B+ of economic investment over the last 6 years.

Future Upside Opportunity - Subsequent ownership is positioned to upgrade interiors as Midtown stabilizes with 30%+ rental headroom to new-build comparable high-rises.