Investors: Atlanta's 'oldest mansion' to become 'most sought-after Airbnb'

Investors: Atlanta’s ‘oldest mansion’ to become ‘most sought-after Airbnb’ Josh Green Thu, 12/19/2024 - 12:58 On Atlanta’s signature street, plans are moving forward to transform one of the metro’s oldest standing structures into a unique short-term rental before legions of global soccer fans descend upon the city in a year and ½.

That’s according to Texas-based investment firm Vaycaychella, which announced this week it’s partnering with owners of the storied but blighted Rufus Rose House at 537 Peachtree St. to create the “most sought-after Airbnb” in Atlanta.

Listed on the National Register of Historic Places since 1977, the so-called “Rose on Peachtree” is an example of a late Victorian Queen Anne-style home—and the only Victorian left standing in Atlanta’s core district where downtown meets Midtown. Built in 1901, the property is considered by the Atlanta Preservation Center to be one of the region’s oldest buildings.

Despite its high-profile location steps from Atlanta’s tallest building and marquee attractions such as the Fox Theatre, the Rufus Rose House has been vacant for more than two decades. Several plans to resuscitate it for various new uses have made splashes but never fully materialized.

Atlanta-based investment firm UC Asset purchased the property for $1.65 million in 2021, held a ribbon-cutting for its groundbreaking with former Atlanta Mayor Kasim Reed, and has since spent hundreds of thousands of dollars to reinforce and repair its structure in hopes of creating an upscale office building. They coined the property “Atlanta’s oldest mansion.”

But Vaycaychella has more recently approached those Atlanta investors and convinced them the Rufus Rose House would be more suitable and profitable as a short-term rental. The Texas firm has been granted exclusive rights to manage its renovation and operate it as a boutique, multi-unit Airbnb once complete.

Stephanie Anderl, Vaycaychella’s interim CEO, tells Urbanize Atlanta the project requires $2 to $3 million and a special permit to begin construction. So far, $2.1 million has been raised, and Anderl said her company is seeking additional partnerships.

“We’re capable of completing the renovation within 18 months, if we are adequately capitalized and can secure the permit,” Anderl wrote to Urbanize via email. “We have done the most we can with a temporary permit. Namely, we have replaced the interior framework, so this historic property will stand.”

The 537 Peachtree St. property’s condition as of July this year. Google Maps

A sitting room and fireplace, as seen in recent years. Via Surber Barber Choate + Hertlein Architects/2020

Once repaired and reopened as short-term apartments, the Rufus Rose House will hold a market value of between $5 and $8 million, Vaycaychella estimates. The company points in a recent announcement to the property’s “stunning and aged beauty, both interior and exterior,” and proximity to downtown’s highway-capping Stitch park proposal. As the 2026 FIFA World Cup approaches, “tourism to Atlanta is expected to explode,” the investors note.

Vaycaychella describes itself as a Fintech company that uses 21st century technologies—block-chain, cryptocurrency, and NFTs—to attract investment in short-term rental properties they operate.

According to its most recent owners, the Rufus Rose House spans 7,122 square feet. As one of Peachtree’s most prominent eyesores, it’s been a source of high hopes but few results in recent years.

Inman Park Properties bought the mansion in mid-2019 for its full asking price of $1 million and later announced renovation plans that would have included a restaurant, but that work never materialized.

A few years prior to Inman Park Properties’ involvement, plans emerged for converting the mansion into an arts space and entrepreneurial hub, but those ambitions also fizzled.

Property records indicate the landmark has sold for as little as $309,000 in 2011.

The Peachtree facade prior to the property’s last sale in early 2020. Via Surber Barber Choate + Hertlein Architects/2020

An intact sitting room bench. Via Surber Barber Choate + Hertlein Architects/2020

Built in 1901 for the founder of Four Roses Distillery, the five-bedroom, three-bathroom house was designed by Atlanta architect E.C. Seiz. It was designated as a Landmark Building by the City of Atlanta in 1989.

The APC’s offices were the home’s last occupant, but the organization moved out more than 20 years ago.

In the gallery above, have a closer look at the historic property’s “before” state—including floorplans.

Lead photo courtesy of Historic Atlanta.

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