Overview
Franklin Street is pleased to present the exclusive listing of Hidden Creek. This complex is a 27-unit, townhome-style community built in 1982 and partially renovated. The property is located in Carrollton, GA (Carroll County), one of the fastest growing suburbs of the Atlanta metro, indicating strong housing demand for the foreseeable future. The property offers partially renovated townhomes with a pristine exterior. The property’s close proximity to highway Hwy-27 allows tenants access to employment hubs and I-20. I-20 provides a quick and easy access to Atlanta’s major fortune 500 employers as well as Birmingham. Hidden Creek is a serene townhome-style apartment community positioned in Carroll County’s City of Carrollton. The community features all two-bedroom, one-and-a-half bathroom units with a select amount of units that include upgraded interiors. All units were substantially upgraded in 2010 with new doors, windows, trim, appliances, fixtures, plumbing, and floor coverings. The newly renovated interiors include stainless steel appliances, washer and dryer hookups, updated shower surrounds and freshly painted interior walls. The property has also undergone extensive exterior renovations including improved landscaping, exterior paint, new parking lots, and modern exterior fixtures.
Investment Highlights
Demographic Highlights
- The City of Carrollton is experiencing significant population growth and is expected to see more than 11% 5-year growth within a 1-mile radius of Hidden Creek.
- Average household incomes in a 10-mile radius around the property are about $78,517 annually, indicating strong projected rental demand.
- Rents have increased by 3.5% for comparable apartment communities over the past year in Carroll County. This stands ahead of the Atlanta Metro Average and is reflective of the strong demographic factors in Carrollton, GA.
Demand
- Carrollton’s population growth has been accompanied by an increase in jobs. Between 2010 and 2020, the number of jobs in Carrollton grew by 15%, from 16,168 to 18,608, according to the Bureau of Labor Statistics.
- The strong demand for multifamily properties in Carrollton has been reflected in rental rate increases. According to Apartment List, rents in the city have increased by an average of 3.5% over the course of the last year. This growth came at a time when major metro asking rents have been flat to negative as a result of supply pressures.
- The city is located just 50 miles west of Atlanta and is part of the Atlanta metropolitan area, which is projected to continue growing in population and jobs. Additionally, Carrollton is home to the University of West Georgia, which has an enrollment of over 13,000 students and is a major driver of demand for multifamily housing in the area.
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