An aging apartment complex north of downtown Decatur is undergoing an overhaul that project leaders say will upgrade its quality of life without displacing residents.
What will happen to rent prices, however, remains to be seen.
The 213-unit property in question, Clairmont Crest, is an age 50-plus complex located at 1861 Clairmont Road, just south of North Druid Hills Road near the Atlanta VA Medical Center
58-Twelve, a metro Atlanta-based LLC, recently closed on a $30.5 million loan with BridgeInvest, a private real estate lender based in Miami, to acquire and renovate Clairmont Crest.
The Decatur apartments are considered a Class B+ multifamily property now, but the renovation aims to “bring the property’s units and amenities in line with the Class A luxury mid-rise market,” per BridgeInvest officials.
Clairmont Crest's location near Emory University, north of downtown Decatur. Google Maps
The transaction marks BridgeInvest’s 10th loan in metro Atlanta, where company officials say in-migration and continued investment make the market appealing.
Renovations at Clairmont Crest are underway and expected to take 18 months to finish.
Changes will include modernized common areas (updated flooring, lighting, furniture, and windows), refreshed landscaping, and likely a new “top-of-the-line gym,” activated pool deck area, and an array of resident lounges, including cafe-style work areas. With individual units, renovations will either be cosmetic or more complete overhauls with modernized bathrooms, renovated kitchens with new appliances, new flooring, and other updates.
No residents are being required to move out as alterations move forward.
“The existing tenants will be able to enjoy the benefits of the revitalized and modernized property and have the ability to live in freshly renovated units,” a company rep wrote to Urbanize Atlanta via email.
Apartments.com
According to Apartments.com, Clairmont Crest units vary from 500-square-foot studios to 1,100-square-foot two-bedroom rentals. Rents today range from $1,350 to $3,000 monthly.
We asked what will rents will be post-renovation and were told it’s too soon to tell. “They will be consistent with rents for premium apartments in the area,” the rep wrote.
Apartments.com
Clairmont Crest bills itself as “a community that focuses on quality senior active living and community connection.”
Its Apartments.com listing notes: “We are currently making some big improvements at the property—both inside the apartments and the common area amenities.”
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