Recently built North Druid Hills apartment community acquired by Dallas, Israeli investors

by John Yellig

Courtesy of Bellevue at Avondale.

A team of private real estate investors acquired the 270-unit Alexan Avondale luxury multifamily community in Decatur’s North Druid Hills submarket.

The four-story, class-A property includes 7,000 square feet of retail space and was built in 2020. It has been rebranded Bellevue at Avondale and will be operated by Bellevue Living, a subsidiary of Dallas-based privately held real estate investment firm, Nicholas Residential LLC, which purchased the community with Israel-based Prizma Capital.

Courtesy of Bellevue at Avondale.

Avondale offers a mix of one- and two-bedroom units with rents ranging from $1,370 to $2,210, according to its website. Unit amenities include quartz countertops, hardwood-style flooring, stainless-steel GE appliances and more, while community amenities include a saltwater pool, a podcast recording studio and a 462-space parking deck with electric-vehicle charging stations. 

Financial details of the transaction were not disclosed, but Square Mile Capital Management LLC said it originated a $144.2 million loan to finance the acquisition of Avondale and another multifamily property, Aura Bluffview, a 473-unit community in Dallas’ Love Field submarket.

Nicholas Residential general partner Ned Fleming said in a press release that the Avondale purchase is the firm’s first acquisition as it enters new markets across the Sun Belt.

Courtesy of Google Maps.

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