Connect Decatur, 378 Units, Atlanta, GA
How We Got It
We acquired 378-unit Connect Decatur in June 2025 for $239,500 a unit. That’s a 30+% discount to replacement cost for only 6-year-old bricks at acquisition! This is a classic “basis play” of Class A bricks in the top Atlanta suburb of Decatur. The property was only available at this value because of the huge supply wave from 2022-2025 that swamped Atlanta with tons of new apartments and caused rent rolls across the metro to become “dented”. And since most buyers focus on yield, the dented rent roll allowed us to scoop up a top asset on the cheap.
Investment Rationale
We had conviction that the Atlanta market would fully stabilize within 3-4 years and rent growth would return. Because Atlanta’s supply pipeline was slowing considerably and is already at pre-2019 levels (as of early 2026). And as of early 2026, Atlanta’s apartment absorption remains consistently in the top 5 of US metros, causing market occupancy to slowly tick up towards the levels that allow pricing power to return. With a basis 30+% below replacement cost, Connect Decatur can experience tons of rent growth before the rent growth spurs new development. Additionally, Connect Decatur benefits from a fast-improving submarket with Downtown Avondale nearly complete with a multi-million-dollar overhaul that creates a highly walkable retail district adjacent to Connect Decatur. Lastly, we are in process of a full amenity overhaul to ensure Connect Decatur can compete with the best new offerings for years to come. The overhaul includes retrofitting one of the property’s dormant retail spaces into one of the submarket’s best gyms, adding in a Green Room, a new on-site Grab & Go market, and a full refresh of the leasing office, clubhouse, and courtyard.
Results
As of January 2026, the Atlanta market is on track to stabilize faster than originally projected. Additionally, the property has been fully painted and the clubhouse and leasing office upgrades are nearly complete and are expected to be fully completed by the 2026 peak leasing season that begins in March.