Sonoma Ridge. Courtesy of Apartments.com.
A Dallas real estate investor recently purchased four Atlanta-area multifamily communities with 1,406 apartments for an undisclosed amount.
The garden-style complexes were all built in the mid-1980s and consist of:
- Cornerstone Apartment Homes, a 344-unit community at 2100 Winters Park Drive in Doraville.
- Pointe at Norcross, a 320-unity community at 3600 Park Colony Drive in Norcross.
- Sonoma Ridge Apartment Homes, a 440-unit complex at 4659 Dawson Blvd. in Atlanta.
- Woodland Ridge Apartments, a 302-unit complex at 1355 Indian Trail Lilburn Road NW in Norcross.
The purchaser, S2 Capital LLC, plans to invest about $5 million per property over the next two years. Planned improvements include unit interior renovations and property-specific exterior upgrades.
“The Atlanta area is a great fit for our value-add strategy targeting workforce housing, particularly in the Northlake/Norcross submarket where almost 40% of residents are renters,” Vice President of Acquisitions Davey Leach said in a press release. “Atlanta has posted record demand and rent growth figures over the past few quarters, and these submarkets are enjoying 98% or higher occupancy rates. The opportunity to renovate four properties in the same submarket to a similar standard leads to immediate economies of scale that will benefit our tenants, as well as our investors.”
Mark Brandenburg, Lauren Dow and Michael Cosby at JLL helped secure financing for S2’s S2 Multifamily Value-Add Fund 1, which made the acquisition. Nathan Swenson and Brooks Colquitt at Cushman & Wakefield represented the seller in the transaction.