156 Bethesda Church Road
JLL is pleased to present Park156 (the “Property”), the exceptionally located boutique 222-unit apartment community situated among Gwinnett’s most beautiful wooded backdrops. Built in 2001, the Property holds a monopolistic rental position along Ronald Reagan Parkway, offering all the luxuries of a private secluded community including attached garages, 9-foot ceilings, crown molding, serene views of an onsite 1.5-acre park, and unique walkability to the 159-acre Bethesda Park. Park156 features immediate access to Gwinnett’s burgeoning I-85 corridor, encompassing over 315,000 jobs, two destination regional malls, and seamless access via I-85 to the greater Atlanta Metro area. This robust job base attracts medical professionals from some of the top healthcare systems in the state, Fortune 1000 companies, and professionals from noteworthy companies such as Cisco Systems, Primerica, and Kaiser Permanente, the last of which is opening a new $51M facility just minutes from Park156, creating 800 jobs within the next four years. Park156 has achieved exceptional rental growth of 8%, driving current yield. In addition, nearby renovated competitors and new developments have created the opportunity for the Property to attain rental parity with these peers through a modernization program. This program allows a new ownership group to leverage off of a recent unit preservation initiative, institute a luxury value-add strategy at a lower baseline cost, and push rents an additional $200/unit to compete head on with its renovated peers.
Investment Highlights Superior Gwinnett County Location - I-85 corridor provides direct connectivity to 315,000+ jobs Top 5 Fastest Growing Regions - The county has experienced an explosive 11% population growth from 2010 to 2015 Thriving Medical Industry - Lawrenceville is home to some of the best healthcare systems in Georgia Premiere Shopping and Entertainment District - 11 million square feet of retail within 3 miles “Seasoning” Rent Roll to Most Recent Lease Levels Adds $85,248 in Year One NOI Low Hanging Fruit Yields Another $195,840 in Year One NOI Opportunity to Leverage Completed Unit Preservation Program to Close the $200+ Competitor Rent Gap Through an Expanded Interior Renovation Package