Audubon Completes Renovations of 2 GA Assets
- May 18, 2018
Audubon Communities has completed $1.1 million in renovation work on amenities at two of its multifamily properties near Atlanta. The firm purchased both the 168-unit Domain at Cedar Creek and the 164-unit Gateway at Cedar Brook in early 2013 from Resource Real Estate. Both assets fetched price tags of approximately $6.5 million, according to Yardi Matrix data.
The capital improvements focused primarily on both communities’ clubhouses. Additionally, Audubon expanded the properties’ fitness centers, increased accessibility to the management offices and updated landscaping and pathways.
“When we acquired the Decatur properties, both were in an advanced state of disrepair and we’re proud to have transformed them into desirable Class A assets,” said Christopher Edwards, managing director of Audubon, in a prepared statement. “These capital investments continue Audubon’s commitment to upgrading and improving our properties and providing a better experience for residents and their guests. Currently, both properties are 96 percent leased.”
Accessible suburban properties
Located at 3073 Cedar Creek Parkway in Decatur, Domain at Cedar Creek sits alongside the Stone Mountain Freeway, enabling access into downtown Atlanta, 10 miles southwest. The garden-style community includes a mix of one-, two- and three-bedroom apartments, ranging from 900 to 1,350 square feet. On-site amenities include a swimming pool, playground, laundry facilities and approximately 600 parking spaces for residents.
Gateway at Cedar Brook is positioned at 3117 Cedar Brook Drive, also in Decatur. Located near the Decatur Road retail corridor, the asset is also within a mile of Domain at Cedar Creek. The property offers one- to three-bedroom units between 600 and 1,350 square feet. Amenities include a tennis court, pool and a playground.
Images courtesy of Yardi Matrix