Epic Gardens
3460 Buford Hwy NE, Atlanta, GA 30329
The Challenge
Epic Gardens was a 112-unit, 98,560 SF multi-family property in the popular Buford Highway corridor. A local equity group, represented by EpiCity, purchased this community in the 1960s, looking for long-term stable income, to preserve its wealth, and at a minimum, hold its value. Originally constructed as an institutional grade asset, known as a Class A apartment community, this 1960s vintage garden-style apartment community featured a lot of acreage and prime road frontage. As the area began to develop and market conditions shifted, EpiCity faced the challenge of adapting the property to ensure its continued success, all while considering future opportunities for multi-family property redevelopment that would deliver higher returns for the equity group.
The Solution
Keeping up with 1960s style and design required ingenuity on the part of EpiCity, as well as a lot of maintenance over the years. EpiCity successfully managed the asset for over four decades and executed many significant renovations. Built along the Buford Highway corridor, this property was well constructed and well maintained. Because of its proximity to the city and growing employment prospects in the area, this location was largely considered the next big in-town multi-family property redevelopment opportunity for multi-family housing.
To address the property’s aging infrastructure, EpiCity embarked on a massive project to improve the delivery of hot water to residents more quickly and cost-effectively. The complex’s aging water system consisted of three large water heaters and an underground pipe loop. Over the years, it had begun to leak and drive up natural gas bills while wasting water. With no space to install water heaters in every apartment, EpiCity partnered with a trusted contractor to replace the centralized system with individual heating and air units that also provided hot water. The innovative solution reduced energy costs, enhanced comfort, and lowered water bills through submetering for each unit.
The Results
Epic Gardens served as a safe place to keep the client’s equity for decades, with EpiCity handling total asset management. In recent years, there were changes in the equity group structure, so when the client was ready to exit the property, EpiCity quietly went to work on a potential buyer for the apartment community. EpiCity received an offer that was 20% above the market rate at the time and closed on a premium sale for its client. Epic Gardens was recognized by its peers as a gem in the community, with top occupancy and rental rates, while providing a steady income for the equity group.