DULUTH, GA – Venterra Realty acquired the Maddox Apartments in Duluth, Georgia for $ 75 million. The municipality's acquisition marks the 60th property in Venterra's portfolio and the first acquisition for Venterra Realty during the pandemic.
The Maddox is a 372-unit garden-style property that was built in 2007 and remains one of the newest and most desirable in the area. The property is located at 4370 Satellite Road on Corridor I-85, approximately 20 miles northeast of downtown Atlanta. The Maddox is also located near the Gwinnett Place Mall, known as the Starcourt Mall in season 2 of the Netflix series Stranger Things.
The community offers five unique one, two, and three bedroom apartments ranging in size from 946 to 1,422 square feet. Rents start at around $ 1,275 per month. 45% of the units have updated interiors with stainless steel appliances, granite countertops, and wooden floorboards. The Maddox offers a robust package of amenities for the region, including a saltwater pool, 24-hour fitness center, playground and on-site dog park. It accepts 3 pets per apartment.
"We're excited to add another community in the greater Atlanta area, particularly in Duluth, adding an upward submarket to our Georgia portfolio. Duluth is the proverbial sweet spot; close enough for residents to commute to Atlanta, but far enough away offer a charismatic, suburban lifestyle. The property itself has larger than average and unique floor plans that are a major attraction for current and future residents, "said Ash Thakore, Asset Manager at Venterra Realty.
Venterra will continue to renovate the remaining 55% of the units with the same level of indoor units and finishes. The community is currently working on the final stages of designing a park that adjoins the property to the west and has hiking trails and leisure facilities. The park is directly connected to The Maddox by a hiking trail and offers residents a new amenity.
"The Maddox is an excellent opportunity for Venterra to establish a presence in Duluth where we had no prior holdings." said John Foresi, CEO of Venterra Realty. "The area offers a great suburban location with affordable living costs and a superior education system. Venterra is constantly looking to enter new markets," added Andrew Stewart, Chairman of Venterra Realty.
Venterra Realty owns and manages 60 properties in 18 cities in the southeastern United States that house over 29,000 people and 5,000 pets. Venterra is committed to improving the lives of our residents by delivering an industry-leading customer experience. Venterra currently manages a portfolio of multi-family real estate with a total value of over $ 2 billion and gross annual income of over $ 200 million. The organization has completed more than $ 2.2 billion in real estate transactions.