by Evelina Croitoru
Atlanta—Emma Capital Investments has announced the purchase of The Chelsea Apartments (formerly Steeple Chase) in Norcross, Ga., for $26 million.
Located at 5940 Singleton Road, the 306-unit garden-style apartment community has more than 1,700 feet of frontage on Singleton Road. The property, built in 1984, is situated on 23.15 acres of land and consists of 20 two-story buildings. Community amenities include a fitness center, business center, clubhouse, tennis court, swimming pool and 628 parking stalls, among others. The asset is 1.5 miles away from I-85, which provides easy access to all of Gwinnett County and metro Atlanta.
“We are rebranding the property and will be updating its excellent amenity package. The property has seen strong organic rent growth over the past two years, with only 25 percent of the units being renovated. We see the potential to further increase unit rents through a comprehensive unit renovation program in the remaining units. We aim to continue to deliver a strong value proposition to all of our current and potential tenants,” Founding Partner & Co-Owner of Emma Capital Haya Zilberboim, said in a prepared statement.
“This is our 11th acquisition in the Atlanta area in the last 24 months. Our ownership of approximately 3,000 units in MSA Atlanta, provide us with a very strong base to continue our rapid expansion. We are ending 2016 on a very strong note and look forward to further expansion in 2017 and beyond,” added Partner & Co-Owner Oz Cohen.
According to Yardi Matrix, the property traded for $13.3 million back in 2013, being acquired by PointOne Holdings.
Image courtesy of Emma Capital