558 14th Street NW
558 14th Street NW, Atlanta, GA 30318
The Challenge
During its last investment cycle, EpiCity, through its investment arm Epic Partners, raised funds from numerous investors to acquire nearly 100 in-town single-family homes. Leveraging its expertise in renovation, leasing, and property management, EpiCity successfully operated this portfolio; however, managing such a large number of single-family homes came with significant challenges. The constant demands of tenant management, lease renewals, and filling vacancies created operational volatility. As the portfolio matured and property values appreciated, it became clear that a new approach was needed. Investors sought to transition away from managing single-family homes and toward a long-term real estate investment with more stability.
The Solution
EpiCity, through its contacts, was able to find a commercial property parcel that had a long-term lease with a single triple net tenant with minimal landlord expense liabilities. The prospect of a single commercial tenant versus many single-family residents was appealing to all the investors. This resulted in the acquisition of 558 14th Street NW through an IRC code section 1031 exchange in 2005. The 16,000 SF property is on two acres of land at the corner of 14th Street and Flynn Street. It sits one block east of Northside Drive, near the north end of Georgia Tech University, and just a few blocks south of Atlantic Station.
The building was in fairly good shape, and EpiCity extended the life of the roof and restriped the parking lot right away to improve the property. To make the investment even more attractive, another partner of EpiCity’s already owned a building adjacent to this property, formerly the site of Georgia Lighting and now an antique market. As coincidences – or fate – happen, the single tenant had formerly been housed in the original building at 530 14th Street NW. Masterpiece Lighting is owned by the former president of Georgia Lighting, Dana Hunt, and has been at 558 14th Street NW since 2005. Hunt has enjoyed a relationship with EpiCity for more than 20 years, and they have been through a lot together, including the economy fall out in 2006 – 2009 and the pandemic. The business is thriving on the other side of the economic downturn.
The Results
As the area continued to grow, a vacant lot became available behind the building, near another alley. It was the perfect place for EpiCity to seek out. This acquisition added land in the highly sought after area, which is also home to a restaurant, medical building and a growing amount of residential property all within the expanding influence of the Georgia Tech campus. With extensive knowledge of the area and a keen eye on development, EpiCity as sponsor now controls a total of 3.15 acres in a rectangular plot with four hundred feet of road frontage on Fourteenth Street. This provides a wealth of long-term real estate investment opportunities for redevelopment in this booming in-town area.
For more information, visit the property page.