ATLANTA, GA – Providence Real Estate, an apartment building company, announced the completion of the acquisition of The Stratford Apartment Homes in the Perimeter Center submarket in Atlanta, Georgia. The property was acquired by Providence Multifamily REIT, Inc., a Providence-managed private REIT that invests in value-added multi-family opportunities throughout the southeastern United States.
The Stratford was built in 1990 and consists of four mid-rise apartment buildings plus a single story clubhouse and leasing center. The property is less than 1 mile from the largest medical center in Georgia, which includes Northside Hospital Atlanta, Emory St. Joseph & # 39; s Hospital and the Children & # 39; s Healthcare of Atlanta. In addition, the property is less than a mile from the Perimeter Center's 30 million square foot office market, home to numerous Fortune 500 companies, and the headquarters of United Parcel Service (UPS), AT&T Mobility, Cox Enterprises, Haverty Furniture and Newell Brands (Rubbermaid). The Stratford is expected to undergo extensive renovations both inside and out.
Alan Pollack, Providence CEO, stated, "Stratford's location in the Perimeter Center provides tenants with unprecedented access to medical, office and shopping, and is a market in which Providence has extensive operating experience." Kevin Finkel, Executive Vice President of Providence added, "The Stratford acquisition provided a rare out of the market opportunity to own an attractive apartment building with proven upside for value in the coveted Perimeter Center submarket of Atlanta."
Source: Providence real estate
