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.
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.