Audubon Communities Fuses 2 Multifamily Assets in Metro Atlanta
- Mar 28, 2017
Atlanta—Audubon Communities, a company specializing in acquisition, repositioning and management of multifamily properties, has announced the opening of Corners at Holcomb Bridge in Peachtree Corners, Ga. The project consists of two multifamily communities totaling 360 units.
The properties are the 252-unit Highland Corners and the 108-unit Silver Oaks. Audubon acquired both properties in 2015 for the combined purchase price of $23 million, Yardi Matrix data shows. The company has since invested an additional $4.5 million in capital improvements, most of which was used to upgrade the Highland Corners asset. The completed properties feature new siding and windows, as well as the conversion of 56 unconditioned sun rooms into open-air decks with lantern-style lighting. Additionally, the original galvanized service lines have been replaced. Property amenities include a tennis court, fitness center, pool and a total of 550 parking stalls. The unit mix of the properties consists of one-, two- and three- floor plans ranging in size from 900 to 1,532 square feet.
“The new Corners at Holcomb Bridge was a major undertaking but well worth it when you see the final result – a more attractive, desirable and efficient property. Despite the poor condition Highland Corners was in when we purchased it, we liked that it offered a large corner location with visibility from two heavily traveled streets. And while Silver Oaks was of a size that would deter many buyers, its value has increased after combining it with Highland Corners,” Andrew Schwarz, Audubon’s founder & CEO, said in prepared remarks.
Company officials also revealed plans for a phase two of the capital improvement program, which will commence later this year. Upon completion, Corners at Holcomb Bridge will include a brand new fitness center, refurbished tennis courts, resident lounge, two swimming pools and a playground. The project also includes the addition of a connecting street that will link both properties. By bringing the features of these properties together, along with refurbished and new amenities, Audubon is creating something better than either community could have offered separately,” Schwarz added in a prepared statement.
Images courtesy of Yardi Matrix