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717 Burns Rd. - Carrollton, GA 30117
PROPERTY Stats
97%
Occupancy
2004 & 2005
Placed in Service
254,988
sF
PROPERTY OVERVIEW
Magnolia Lake is a 216-unit mixed-income housing community located in Carrollton, GA. The property is conveniently located minutes from major retailers including Target, The Home Depot, Kroger, and Publix. Numerous restaurants, outdoor recreation, and major transportation arteries are nearby as well. The property is also close to neighborhood schools and less than 10 minutes from the University of West Georgia.
The property was built and placed in service in 2004 & 2005 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require at least 151 units to be rented to income qualifying residents earning no more than 60% of the Area Median Income (AMI) limits, which are provided by the Georgia Department of Community Affairs. The remaining units are unrestricted.
Magnolia Lake offers one, two, and three bedroom apartment homes featuring ceiling fans, walk-in closets, washer/dryer connections, a patio/balcony, and fully equipped kitchens with breakfast bar. Community amenities include a basketball court, business center, car wash area, clubhouse, controlled access, day care services, fitness center, gated controlled entry, swimming pool with sundeck, on-site laundry facilities, on-site maintenance and management, playground, and tennis court.
The LIHTC Restrictions are set to expire at the end of 2035, providing terrific upside through a conversion to market at that time
65 of the units are unrestricted with a proven rent delta of $125+ between the market rate units and affordable units at the property
Carrollton, located an hour west of downtown Atlanta, is home to the University of West Georgia, with a current enrollment of over 12,000 students
As of the end of September, the property was over 97% occupied and the 7 existing vacant units were all leased
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216
UNITS
254,988
216
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Senior Managing Director
Multifamily
404.445.1067
andrew.mays@berkadia.com
ANDREW MAYS
Senior Managing Director
Multifamily
404.445.1068
paul.vetter@berkadia.com
PAUL VETTER
MORTGAGE BANKING
Three Alliance Center
3550 Lenox Rd., Suite 2600
Atlanta, GA 30326
ATLANTA OFFICE
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
Contacts and Office Locations
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Managing Director
504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
Senior Managing Director
214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
MORTGAGE BANKING
Senior Managing Director
Multifamily
404.445.1067
andrew.mays@berkadia.com
ANDREW MAYS
Senior Managing Director
Multifamily
404.445.1068
paul.vetter@berkadia.com
PAUL VETTER
Director
Affordable Housing
208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director
Affordable Housing
208.286.5013
jeff.irish@berkadia.com
JEFF IRISH
INVESTMENT ADVISORS
Three Alliance Center
3550 Lenox Rd., Suite 2600
Atlanta, GA 30326
ATLANTA OFFICE
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
BOISE OFFICE
Contacts and Office Locations