Atlanta-based multifamily investor and developer RangeWater Real Estate partnered with Tokyo’s Nippon Steel Kowa Real Estate to acquire the 228-unit Avana Druid Hills.
The new owners renamed the community The Dakota at Druid Hills. Financial terms were not disclosed, but the property, located at 3471 North Druid Hills Road, last sold for $42 million in June 2019, according to Dekalb County records.
“Our acquisitions team is always looking for opportunities to purchase well-maintained communities and add value by way of renovations and upgrades, as well as strong partners like NSKRE to carry out the business plan,” RangeWater President and CEO Steven Shores said in a release. “The Dakota at Druid Hills provides a great foundation that aligns within our strategic efforts to enhance the lives of those who call it home.”
The Dakota is a garden-apartment community built in 1985. Community amenities include an outdoor pavilion, kitchen, picnic areas, pool, tennis courts, fitness center, car-care center, business center and clubhouse. RangeWater said it plans to bring additional amenities to the community.
Apartments include separate dining, living and laundry rooms, outdoor balconies and patios and gas fireplaces. Units with bonus rooms will be converted into three-bedroom apartments, an opportunity that RangeWater acquisitions director Josh Colter said will address an underserved need in Druid Hills and makes the acquisition a compelling investment.
“The Dakota is a great addition to our local portfolio of communities,” Colter said. “The Druid Hills neighborhood is particularly popular with Emory doctors, staff and students, Center for Disease Control employees and numerous Fortune 1,000 companies.”