210 Luxury Apartments
In December of 2022, a joint venture between Penler and Rubens Capital Partners acquired The Arlo Apartments, a 210-unit midrise, luxury apartment property and 6,000 SF of ground floor retail centrally located in the Decatur submarket of Atlanta.
The Class A project built in 2016 benefits from immediate proximity to Decatur’s walkable downtown packed with boutique shops, farm-to-table restaurants and vibrant nightlife. The City of Decatur also boasts some of the Atlanta’s top ranked public schools, it is home to the DeKalb County government offices and is only a 5min commute to major employers including Emory University and Emory Hospital, the headquarters for the US Centers for Disease Control and Prevention (CDC), and Atlanta’s Veteran’s Affairs Hospital. Scarce land and a challenging entitlement process in Decatur combine to create high barriers to entry, and the sustained demand for high quality rental apartments in the area.
Arlo is a green, pet-friendly, and smoke-free community, offering a variety of beautiful outdoor spaces such as a sparkling pool, a zen garden, an outdoor grill area, and an off-leash pet park. Residents also enjoy a health club quality fitness center, poolside clubroom and sky lounge with views across downtown Decatur. The two ground floor retail spaces are occupied by D92 Korean BBQ and Dairy Queen, both of which have been open and operational for over 5 years.
Penler’s business plan for the property includes over $2M of renovations including new exterior paint, new flooring and paint in the corridors, significant upgrades to the clubroom, fitness center, sky lounge and pool deck as well as fixture and flooring upgrades in the units.