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Westside Reservoir Park Multifamily Opportunity | 36 Units | Located in a Qualified Opportunity Zone

385 Holly Street NW
Atlanta, GA 30318
PRICE : $4,500,000
PROPERTY TYPE: Multifamily
SITE SIZE: 1.28 Acres
UNITS: 36
YEAR BUILT: 1962

Highlights

  • 36-unit multifamily complex located in West Midtown
  • Potential for 40-units total (Four units are currently being used as office space for the Villas of Hope Nonprofit Organization)
  • All units are 1 bedroom / 1 bathroom (±600 SF)
  • RG3 Zoning (High-Density Residential)
  • Located in a Qualified Opportunity Zone
  • Located less than 1 mile away from Quarry Yards, a new mixed-use project and park planned for the area
  • 1 mile from Westside Atlanta BeltLine Connector Trail and the Bankhead Marta Station
  • Located less than 5 miles from Downtown Atlanta, Midtown and Atlantic Station
  • Less than a 10-minute drive to Georgia Tech, Mercedes-Benz Stadium, Coca-Cola Headquarters, State Farm Arena, Emory University, Centennial Olympic Park and Georgia State University

Description

Villas of Hope is a 36-unit (formally 40-unit) apartment complex located in West Midtown, just minutes from Downtown Atlanta. Four of the units are currently being used as office space for the Villas of Hope Nonprofit Organization and could be converted back to individual units. Upon sale, any occupied units will be converted to AHA vouchers (section 8) at $909 + water. These rents will be fixed until April 2024. As units turnover, owner will be restricted from accepting any future vouchers until a 50/50 ratio of AHA and market rate tenants is achieved. There are no restrictions on market rate units. Inquire to broker for more details.

The community is less than a 10-minute drive to I-85, Georgia Tech, Mercedes Benz Stadium and many other Atlanta attractions. West Midtown is an evolving neighborhood that is only a short drive to Downtown Atlanta, Midtown, Atlantic Station and Buckhead. New developments are also flooding the area including the recently Microsoft-acquired Quarry Yards (located less than a mile away), the new Westside Park (300-acres) and the Westside Atlanta BeltLine Trail.

Please do not visit the property or disturb tenants without an appointment.

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