$25M Goes into Purchase of Atlanta Apartment Community
- Nov 10, 2016
By IvyLee Rosario
Atlanta—Emma Capital Investments Inc announced the completed acquisition of their 19th multifamily property, a 300-unit garden style community purchased for $25.7 million. Located at 3400 Club Lake Parkway in Lawrenceville, a submarket of Atlanta, the property was built in 1984 and comprises 25 two-story buildings. Offering six different floor plans, the Club Apartments are made up of 75 one-bedroom units, 166 two-bedroom units and 59 three-bedroom units averaging 1,140 square feet per unit.
The community features a swimming pool and a tennis court and is seen as some of the largest in the submarket with spacious condo-style layouts. The community has already had exterior renovations done totaling about $1.5 million. Emma Capital plans on renovating the interiors of majority of the units as well as adding outdoor fitness equipment and doing an enhancement of the clubhouse.
“This investment is our 10th in the Atlanta area in the last 24 months. North Gwinnett is a well-developed market with a fast growing population. However, it has a high aversion to new multi-family construction,” said Oz Cohen, partner and co-owner. “There are currently no apartments or condos either completed or under construction and very little currently in the planning or proposal stage. This supply restriction will help drive rent rates as population growth increases the demand for multifamily communities.”
This purchase brings Emma Capital’s total acquisitions to over $300 million and 4,500 apartment units. The area benefits from continually improving demographics in one of the fastest growing counties in the nation with access to employment areas, retail, cultural hubs, a variety of amenities and excellent schools.
“We are pleased to add 3400 Club Apartments to our growing portfolio in the Greater Atlanta area,” said Haya Zilberboim, founding partner and co-owner. “We currently own more than 2,500 units in Atlanta with a majority located in Gwinnett County. The addition of this property further strengthens our footprint in this rapidly growing market and provides us with a very strong base to continue our expansion to other South-East submarkets such as Raleigh, Tampa and Nashville.”
Images courtesy of 3400 Club Apartments