Published Date: 10/26/2021
In a joint venture with Harbert United States Real Estate Fund VII, L.P., along with its parallel fund (“HUSREF VII”), an investment fund sponsored by Harbert Management Corporation, an alternative investment management firm, McDowell Properties has acquired Champions Glen in Union City, Georgia, as part of a two-property portfolio also including Mainstreet at Conyers. Built in 1989, the 166-unit garden style apartment is conveniently located within the Atlanta MSA, just 18 miles southwest of downtown and nine miles from the Hartsfield-Jackson Atlanta International Airport. The property is also near Atlanta Metro Studios, and an array of restaurants, retail and commercial staples. Notably, there is 24 million square feet of industrial space located within two miles of the property. Atlanta is home to major employers including Delta Airlines, Home Depot, UPS, and Coca Cola, as well as several major healthcare providers. In recent years, the city has also attracted numerous new large employers such as Airbnb, GE Digital, BlackRock, Honeywell and others, contributing to the rapid job growth being experienced in the area.
Champions Glen is well situated for a value-add strategy consisting of interior upgrades to modernize the 166 classic units and the addition of washer and dryers. Additionally, there is an opportunity to enhance amenities and the property’s overall curb appeal. The location, which is experiencing rapid job growth in the industrial, distribution/logistics, and film industries has limited threats from new apartment supply and is only increasing in value.
Union City is a growing suburb southwest of Atlanta offering a combination of smalltown charm and big-city convenience. The area offers plenty of shopping and restaurant options locally while also providing residents seamless access to a major airport, just nine miles away, and many big city attractions. Major employers in the area include Newell Rubbermaid, General Electric, Costco, Caterpillar, Dendreon, and Kraft Foods. Union City benefits from the greater Atlanta MSA’s economic stability and is expected to continue its steady growth as the region continues to attract in-migration and business relocations.