201 Highland Park Dr
Athens, GA 30605
Highland Park · Multifamily Property For Sale · 79 Units

Property tours will be available Tuesday thru Thursday from 10am thru 4pm local time by appointment ONLY. Please contact Aaron Murray to schedule at 404-978-2341 or by email at aaron.murray@colliers.com. The Highland Park Townhomes consists of 79 apartments, located in 24 separate buildings along the north and south sides of Highland Park Drive, approximately three miles southeast of Athens CBD. Current ownership recognized the opportunity to bridge the gap between newer deliveries in the submarket and the subject property. Starting in 2014 to present, ownership completed exterior and interior renovations on the majority of the units. Exterior renovations included new exterior paint, new HVAC units, new hot water tanks, new roofing and replacement of exterior siding where needed. Interior renovations included new vinyl wood and tile flooring, fresh interior paint, new countertops, and a mix of new black and stainless-steel appliances. To maintain 100% occupancy, ownership decided not to boost rents, therefore creating a tremendous opportunity for a new investor to realize significant revenue growth. Besides newly renovated units, Highland Park Townhomes offers its residents some of the largest units in the submarket. Among other comparable units in the submarket, Hidden Brook Trail, offers average units at 1,470 SF and average market rents at $1,078/unit or $0.73 PSF. Another comparable property, 101 Hunters Run, offers average units at 1,192 SF and average market rents at $957/unit or $0.80 PSF. With average units at 1,796 SF and average rents at $777/unit, or $0.43 PSF, Highland Park Townhomes offer a new investor the opportunity to close the rental gap through rent ascension. Athens is located approximately 60 miles northeast of Atlanta, nestled alongside the Oconee River in Clarke County. Athens was chosen in 1785 as the site for the first chartered state university in the nation. The University of Georgia (“UGA”) is responsible for putting Athens on the map and it continues to be the primary catalyst that propels the city forward. With an annual enrollment of over 37,000 students, the yearly influx accounts for nearly a third of the town’s population and thus has an enormous positive impact on the city’s economy. Although UGA is the single largest employer in Athens–Clarke County, the city continues to build an increasingly diversified economy through other major businesses, banking, and agricultural industries such as timber and poultry.