COLLEGE PARK, GA – Auerbach Funds and Dunross Capital have recently acquired The Life at Avery Park, a 220,000-square-foot townhouse complex in College Park, GA.
The Life at Avery Park is located at 2609 Charlestown Drive and is comprised of all townhouse-style units being refurbished into "platinum" quality units. The partnership also plans to upgrade existing amenities, including the clubhouse, outdoor walking path, new windows and doors, improved landscaping, and improvements to public areas.
The townhouse style apartment building is minutes from downtown Atlanta with access to I-285, I-85, and the Metrorail. The College Park area is Atlanta's fastest growing submarket and is just minutes from Hartsfield Jackson Airport, which employs around 63,000 people. This makes the area one of the largest employment districts in Georgia.
Peter Auerbach, Founder and Managing Partner of Auerbach Funds, stated: "We have a strong belief in investing in the fast growing College Park submarket, which is backed by an established city like Atlanta. This acquisition will strengthen our portfolio of value assets. We look forward to partnering with Michael Crow and his team at Dunross Capital to bring an improved product and experience to our tenants. We are expanding our presence in the Atlanta market, a leading area for job growth and a fast growing market Center for technology, also for our investment partners strong returns ".
Commenting on the acquisition, Michael Crow, CEO of Dunross Capital, said: "We are delighted to have this 220 beautiful townhouse property next to the billion dollar expansion near the airport. We were able to speak to the seller and agent during COVID and while still being work together We have closed the deal. Our equity partner Auerbach Funds and Peter and his team have worked together wonderfully. We look forward to further joint acquisitions. "
This is the first acquisition since Auerbach Funds announced the first closing of the Auerbach Opportunity Fund III in mid-October. The fund has a target size of $ 100 million and is currently open to new investors.
Source: Auerbach Funds