Landlord unloads four Atlanta communities 

by John Yellig

Avery Townhomes is a 220-unit community in College Park. Courtesy of Avery Townhomes.

Sureste Property Group sold four Atlanta-area apartment communities aggregating 592 units for an undisclosed amount. 

The Atlanta-based landlord sold the properties — Avery Townhomes, Langley Place, Austin Estates and Decatur Estates — above their targeted return rate sooner than planned after renovating and repositioning them, it said in a news release. 

“Sureste is always attempting to add value through its vertically integrated business, and when we achieve or exceed the targeted values, we will sell and look for other opportunities,” Sureste founder and CEO Michael Crow said. “We still own more than 2,000 units in Atlanta and are located here in the middle of the economic center of the Southeast.” 

Avery Townhomes is a 220-unit community in College Park. Sureste purchased it in November 2021 and performed several value-add initiatives, including individual-unit renovations, exterior upgrades and improvements to the community clubhouse, business center and swimming pool. 

Langley Place is a 118-unit property in Decatur. It was purchased in April 2021, and before the sale, Sureste made improvements to individual apartments and the property’s exterior. 

Austin Estates is also a 118-unit community in Decatur. When Sureste purchased it in December 2019, it was less than 60% occupied with more than 40 down units. Sureste improved building exteriors, landscaping and amenities and updated a large percentage of the units’ interiors with new appliances, countertops and flooring. 

Finally, Decatur Estates is a 136-unit property in Decatur. Purchased in December 2019, it was only 70% occupied. The company made significant capital improvements, transitioning the asset to a full market-rate community.   

Langley Place comprises 118 apartments in Decatur. Courtesy of Langley Place.

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