Audubon Communities, an Atlanta-based firm that specializes in the acquisition and management of multifamily properties throughout the Southeast, has sold a three-asset portfolio in Northeast Atlanta for $76.5 million. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented Audubon in the transaction.
The three properties sold were:
- Bella, a 318-unit community built in 1972. Audubon acquired this property in July 2011 and completed $7.1 million ($22,327 per unit) of capital improvements.
- Center at Peachtree Corners, a 272-unit community built in 1972. Audubon acquired this property in December 2011 and completed $10.5 million ($38,603 per unit) of capital improvements.
- Summit at Dawson, a 162-unit community built in 1983. Audubon acquired this property in December 2011 and completed $5.3 million ($32,716 per unit) of capital improvements.
“These properties were our first post-recession acquisitions in Atlanta, and each required a multimillion-dollar investment to renovate and reposition them,” said Christopher Edwards, managing director for Audubon. “After owning them for six years, it was a difficult decision to sell the portfolio, but the timing was right to move on. We’re confident the new owners will also have great success with these properties.”
At acquisition, each of the properties were in an advanced state of disrepair with down units, failed infrastructure, outdated systems and below average amenities, which resulted in low occupancy at an average 42 percent and poor tenant quality. The business plan, which included rebranding of the properties, resulted in extensive interior and exterior renovations as well as a complete reimagining of the amenity packages for each property. The properties, which are located in the Peachtree Corners-Norcross submarket of Atlanta, were an average 97 percent occupied at the time of sale.
About Audubon Communities
Audubon Communities is an Atlanta-based firm that specializes in the acquisition and management of multifamily properties throughout the Southeastern region of the United States. With a senior staff that has collectively acquired, managed and renovated more than 30,000 apartment units, Audubon has a wide range of experience and expertise in repositioning multifamily assets. For more information, please visit http://www.acmapts.com