423-unit apartment community completed in 1998; the property is comprised of twelve 2, 3 and 4-story buildings situated on approximately 14.75 acres, offering a diverse mix of 1, 2 and 3-bedroom units. Unit amenities offer a variety of finishes including laminate/granite/quartz countertops, subway tile kitchen backsplash, hardwood flooring, nine-foot ceilings, lowered breakfast bars, replaces, spa-style baths, built-in technology desks and book cases and private patio or balcony areas. Community amenities include a resort-style swimming pool, pool-side aqua lounge & clubhouse with full kitchen and outdoor gathering table, fully equipped club-style fitness center with cardio theater, outdoor barbeque area with built-in bar and grill, a yoga studio, lighted tennis courts with skyline views and a three-level clubhouse with kitchen, game room, club room and sports lounge.
Avana Lenox is a rare low-density Buckhead property with Class A units and amenities and the largest floorplans among its competition. The property lies within the most affluent residential neighborhood of Atlanta, with an average home value of nearly $615,000 and an average income of $149,000 within a 3-mile radius. The Atlanta transportation and distribution infrastructure, economic diversity and current development stream are some of the attributes expected to promote strong in-migration and population growth over the next decade. The Atlanta metro has recorded an annual average rent increase of 4.1% since Q4 2009; REIS projects 3% average annual rent growth over the next 5 years. Avana Lenox is centrally located between four major employment centers – Buckhead, Midtown, Brookhaven Medical Corridor and the Clifton Corridor.
Loan Amount: $69,127,000
Term: 10 Years Fixed
Interest Only Period: 5 Years
Amortization Period: 30 Years
Interest Rate: 3.42%
Lender: KeyBank under the Fannie Mae DUS Loan Program
Non-Recourse: Yes to Investor
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