ATLANTA, GA – CORE Real Estate Capital announced it has acquired Icon Avondale, a 374-unit class B + apartment building in Decatur, GA. The transaction, which CREC has partnered with Indiana-based real estate company Sterling Group, marks CREC's 50th real estate investment.
With more than $ 1 billion in real estate assets under management, CREC specializes in multi-family real estate investments in secondary and tertiary markets in the United States.
The Avondale Icon is located at 3330 Mountain Drive and is part of the Avondale Estates submarket. Originally built in 1972, the parish was formerly known as Novo Avondale. The property offers approximately 388,762 square feet of potential rental space over 38 acres. The apartments are designed as one, two, and three bedroom floor plans, some with balconies and screened verandas, ranging in size from 745 to 1,200 square feet.
The apartments have updated kitchens and bathrooms, stainless steel appliances, and new floors. The new owners plan to add six additional units and invest in renovating the building's exterior and common spaces. This includes amenities such as a dog park, dog washing facility, other barbecue stations and communal areas. Icon Avondale residents enjoy professional management with online leasing and resident services.
Located off I-285 (just across from MARTA Kensington Station), the property is easily accessible from Atlanta and its suburbs, and is less than two miles from downtown Decatur, with its vibrant restaurants, shopping and entertainment away. The Atlanta metropolitan area is home to 30 Fortune 1000 companies and is one of the fastest growing metropolitan areas in the country, according to the US Census Bureau. The population rose from 5.3 million in 2010 to just over six million in 2019.
"We remain optimistic about apartment buildings and their tendency to outperform other real estate segments, especially in the uncertain times we are currently experiencing due to the COVID-19 pandemic. We like the Atlanta area's strong fundamentals and believe that the sub-market is Decatur and the broader area will benefit from tailwinds that will fuel continued demand for rental housing for the foreseeable future, "said Jeff Coopersmith, Founder and Managing Partner of CREC. "At the real estate level, CREC sees an important value creation opportunity at Icon Avondale, where the occupancy rate is over 98 percent and the rent payments from tenants are still high."
Source: CORE real estate capital