The Olmsted Chamblee Property Update
In November of 2018, we announced the sale of The Olmsted Chamblee, a unique and celebrated property that was named “Best Low-Rise Apartment Community” in the nation by The National Association of Home Builders (NAHB). In this video, Origin Principal Michael Episcope and Managing Director of Acquisitions Dave Welk tour the property prior to the sale.
The Olmsted was our first development deal at Origin, in partnership with CF Real Estate Services, with the initial groundbreaking ceremony taking place on November 12, 2014. The deal was sourced by Origin’s Dave Welk, and built on a piece of land that formally housed the International Farmers Market, which has since been replaced by the City Farmer’s Market nearby.
Completed in October of 2017, The Olmsted Chamblee is a 283-unit apartment community offering a range of floor plans from 1-3 bedrooms. It sits on approximately 5.9 acres of land along the Peachtree Corridor. At Origin, we use models and boots-on-the-ground insight to determine where the path of growth is in each of our markets. In this case, we were proven correct, with the Chamblee area experiencing a 197% increase in population over the past nine years. The Olmsted development includes a large neon “Chamblee” sign which has already become a symbol for the revitalization of the area.
On Origin’s side, the project was managed by Marc Turner, with much of the design coming from CF’s Brett Oliver. Over the 4 year hold, the property generated a 2.45x gross multiple on Origin’s invested capital and a 30% IRR.