Flats at 1500

Flats at 1500 was acquired on January 8, 2021. The property is a 180-unit garden style complex located in Conyers, GA, a high growth area, where McDowell has already well-performing assets. The operational strategy for this asset is to add value through renovating interiors, adding washer and dryers, enhancing the curb appeal and amenities, as well as improving the overall management and operations at the property. At acquisition, only 49 units were fully renovated with the remaining units in classic condition, thus offering a significant opportunity to increase the asset’s value through renovations.

The property includes 52 one- and two-bedroom apartments and three-bedroom townhouses with amenities such as a children's playground, fitness center, clubhouse, and swimming pool complete with sundeck. Units feature wood-style flooring, expansive closets, private patios, and balconies. The complex is less than a 30-mile drive from downtown Atlanta and is located within a mile of Piedmont Rockdale Hospital, a 138-bed full-service hospital with 1,300 employees. The property is also in close proximity to Conyers Crossroads Shopping Mall, Rockdale County Health Department, Cherokee Run Golf Club, and an abundance of restaurants, retail, and commercial staples.

Conyers is a quaint suburb of Atlanta which offers a plethora of parks, shopping centers and restaurants while also offering residents a dense suburban feel. The property is also conveniently located near I-20, keeping residents close to major employment centers, as well as the city life of downtown Atlanta. Some of the major employers in the area consist of 20th Century Fox Television, Warner Brothers / Bonanza Productions, Diversitech Corporation, Pratty Industries, Acuity Lighting Group, Golden State Foods, AT&T, Piedmont Rockdale-Hospital, and Tempur-Sealy Mattress Company.

Amenities:

• Resort-style Pool
• Sun Deck
• Clubhouse
• Playground
• Brand New Fitness Center
• Laundry Center