Georgia Value-Add Apartment

Property Summary

Type: Apartment
Size: 30 buildings, 324 units
Location: Georgia

Acquisition Summary

Source: Off-market
Investment: $7.1 million
Ownership: Majority equity interest

Transaction Overview

Equity Resource Fund 2017 partnered with an existing sponsor to acquire, renovate, and manage an existing, stabilized multifamily property with a total of 324 units in Georgia, approximately 17 miles south of downtown Atlanta and 10 miles south of Hartsfield-Jackson Atlanta International Airport.

Based on their success in executing recent value-add business plans at other assets in the submarket, the sponsor believes that an opportunity exists to implement a moderate interior renovation plan, in addition to an amenities upgrade, in order to achieve rent premiums above in-place rents. Once the renovation is complete, the property will provide attractive apartments in a supply-constrained submarket for Class B assets with strong fundamentals that continue to improve. The transaction represents the seventh property that ERI and the sponsor have acquired together.