Royal Manor and Midway Manor

Royal Manor and Midway Manor present a compelling opportunity to acquire a two-property portfolio strategically positioned within the rapidly appreciating Avondale Estates submarket. These assets have benefited from recent capital improvements under long-term ownership, effectively addressing deferred maintenance and presenting a clean, well-maintained aesthetic. This provides an excellent foundation for a new investor to implement a targeted value-add strategy and quickly finish what has been started to achieve stabilization. Select units across both properties have undergone comprehensive interior renovations, demonstrating the potential for significant rent premiums and providing a clear roadmap for upgrading the remaining classic units. Furthermore, with ongoing development both east and west along the highly trafficked Memorial Drive corridor, Royal Manor and Midway Manor are poised to capitalize on the continued evolution and desirability of this dynamic submarket.

Investment Highlights

Sizeable Portfolio with Attractive Unit Mix

The offering comprises 156 garden-style units across Royal Manor (76 units) and Midway Manor (80 units), providing economies of scale

and operational efficiencies. Spacious one- and two-bedroom floor plans average over 1,000 square feet, with two-bedroom units featuring 1.5 baths, appealing to a broad renter demographic.

Significant Capital Investment Enhancing Value

Ownership has proactively invested over $2.8 million in capital improvements across Royal Manor and Midway Manor, including new roofs, HVAC systems, water heaters, and upgraded exteriors, ensuring long-term asset quality and operational efficiency. Midway Manor further benefits from a new leasing office and laundry facility.

Value-Add Opportunity Through Strategic Interior Upgrades

Market analysis demonstrates significant potential for rent growth through targeted interior renovations. With 34 units already modernized, further enhance value and capture premium rents by upgrading remaining units with high-impact improvements, such as granite countertops, stainless steel appliances, and shaker-style cabinets.

Significant Upside Potential Demonstrated by Comparable Properties

Positioned between Canopy Apartments (built in 1965) and Icon Avondale (built in 1970), the subject property should benefit from the proven rent premium achievable in the immediate market. These comparable communities, featuring smaller but extensively renovated units, command rents $500-$600 higher than Royal and Midway Manor. While not replicating the “elite” level of these renovations, the subject property presents a compelling opportunity to capture value through a strategic upgrade program tailored to market preferences.

Located in Atlanta’s Hottest Housing Market

Royal Manor benefits from its location in the 30002 zip code, ranked #1 in metro Atlanta by the Atlanta Business Chronicle for its rapidly

appreciating home values and strong sales activity. This dynamic market backdrop further enhances the investment potential of the property.

High Income and Strong Growth Propel the Area’s Appeal

The properties boast attractive demographics, with an average household income of $95K, a median income of $65K, and a projected population growth of 5% within a three-mile radius.