case study

Multifamily Refresh: Skylark

Skylark Apartments: colorful swimming pool area at white 4-story apartment building

​​​​​​​​​City/State​: Atlanta, Georgia

Skylark is an eight-building, 319-unit multifamily community located on the Beltline in the Chosewood Park neighborhood of Atlanta, GA. The property was purchased substantially complete and vacant by a fund managed by Clarion in February 2020. The community was developed and is managed by Rangewater and features three-story walk-up construction with a mix of conventional, lofted, and live/work units. It abuts Atlanta's Beltline, a multi-use urban trail that connects neighborhoods throughout Atlanta and which has spurred economic development along its route. Chosewood Park is a hip and quickly transforming neighborhood located approximately four miles southeast of downtown Atlanta and less than a half mile from Grant Park, the city's oldest park and home of the Atlanta Zoo.

When purchased, Skylark was a well-located and well-built, but a visually unappealing arrangement of eight gray rectangular forms. Clarion and Rangewater recognized the need for something that would catch the eye of those passing by and reinforce the mid-century brand which is modeled with elements reminiscent of Palm Springs and the days of the "Rat Pack".​

Colorful art installations were incorporated to add vibrancy and visual appeal while simultaneously engaging the greater community during the critical time of lease up. Three local mixed media artists, Eric Nine, Lacey Longino, and Megan Mosholder, were hired to install various art installations throughout the site, inviting and visible from the Beltline, Boulevard Ave., and the adjacent Boulevard Crossing Park.

Multi-story colorful mural on wall of little girl with balloon surrounded by flowers​​​​​Improved grill area with colorful flooring and furnitureBoring brown brick building next to newly designed, bright Marketing Center entrance

Lease-​​up velocity beat expectations and the team attributes this in great part to the inviting, authentic aesthetic created by the art, as it increases "eye-share" of passers-by, creates a warm and inviting place to live, and reinforces the brand. The art, including interactive "selfie spots", ​has received rave reviews from resident​s, on social media outlets, and from the broader ​community.

Positive Skylark Instagram quotes

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Definitions

Footnotes

Disclosures

The investments described herein were selected based on non-performance-based criteria and are not necessarily representative of any particular Clarion Partners fund or portfolio. It should not be assumed that any of these properties are or will prove to be profitable.

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This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. Any specific investment referenced may or may not be held in a Clarion Partners client account. It should not be assumed that any investment, in any property or other asset, was or will be profitable. Investment in real estate involves significant risk. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing.

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