Audubon JV Acquires Atlanta Apartments
- Dec 12, 2018
A joint venture between Audubon Communities and Legacy Capital Partners has acquired KRC Vista, a 250-unit Class B multifamily asset in Decatur, Ga., for $25 million according to public records. The seller, a private investor, had acquired the property in 2014 from Marquis Investments, per Yardi Matrix data.
This marks the fourth partnership between the two owners. Audubon and Legacy joined forces in March to acquire a 501-community in Durham, N.C.
Located at 3324 Valley Brook Place, the community is a mile and a half from the intersection of the Stone Mountain Freeway and Interstate 285, about 12 miles from downtown Atlanta. The property’s 17 two- and three-story buildings are situated near the Druid Hills Road retail corridor, with public transportation links in the immediate area.
The community consists of two-bedroom units, with floorplans ranging from 980 to 1,025 square feet. On-site amenities include laundry facilities, a business center, a swimming pool and a playground. The asset was 100 percent occupied as of October, according to Yardi Matrix data.
Renovations as demand picks up
The new owner has rebranded the property as The Dexter at Decatur, and the community will undergo significant renovations to both common areas and apartments. Walker & Dunlop secured $26 million in financing via a three-year bridge loan from PGIM Real Estate Finance to fund the acquisition and the upcoming capital improvements.
“After our planned renovations to both the individual units as well as the common areas, we are confident The Dexter at Decatur will provide tremendous value to residents who want to be in this bustling part of the metro Atlanta area,” said Christopher Edwards, managing director at Audubon, in a prepared statement. “In addition to our plans for the property, we’re confident that the redevelopment of North Dekalb Mall as well as other growth in the area will make this a very desirable location for residents to live.”
Images courtesy of Yardi Matrix