Hard work is paying off and we are thrilled to be expanding our footprint in the Atlanta area yet again. City Park is a beautiful 208 unit B-class asset located in a growth area of Atlanta with solid rent upside from improved management. As an example - we'll be bringing back online a beautiful resort pool that's been inoperable for at least 2 years now. Even though the property could continue growing rents without any CAPEX, we're playing a little bit of defense in today's economic environment and budgeting $5k/door just in case we need to really stand out from the crowd in a downturn. As you know, protecting capital is key.
So what keeps REM Capital focused on Atlanta? JOBS! You may have heard me talk about the importance of jobs and how they relate to multifamily housing. At the state level, Georgia's jobs number have just reached an all time high! Specific to the Atlanta metro, 26,000 jobs were added in the month of June alone, the 2nd highest month on record! Not to mention 29 Fortune 1000 companies call Atlanta home, as does the second busiest airport in the world. In addition, the projected population through 2050 is staggering. Imagine the entire Denver metro area moving to Atlanta in the next 30 years. (Yes, you read that right). Bottom line, we've got long term population growth combined with a healthy and diversified jobs market. This makes for a strong foundation for successful multifamily investing. Let's go Atlanta!
