CAPREIT’s Modernization Strategy
- Sep 03, 2015
Atlanta—CAPREIT has acquired Preserve at Cascade, a 210-unit apartment community in Atlanta’s eclectic Cascade Heights neighborhood, with plans to renovate the community.
“The potential upside of Preserve at Cascade is tremendous. The community is extremely well located on the edge of the Cascade Heights neighborhood, giving residents access to all of Atlanta while still being a bit off the beaten path,” Stephen A. Catarinella, vice president and assistant general counsel for CAPREIT, told MHN. “While the community is already very well maintained, we believe a light modernization of the property will add tremendous value.”
Preserve at Cascade consists of one-, two- and three-bedroom apartments, the majority with 9-foot ceilings and third-floor homes featuring vaulted ceilings. All homes include an oversized bathtub in the master bathroom and a washer and dryer connection.
According to Catarinella, whenever CAPREIT acquires a community, it carefully assesses the potential value-adds it can implement and the long-term sustainability of the property.
“We believe the community is already in solid shape, but could benefit from a few basic updates to keep it on par with neighboring communities and with the expectations of today’s renters,” he said. “We’ll spruce up the parking lot, apply fresh coats of paint to all of its buildings and get started immediately on updates to about half of the apartment homes.”
Preserve at Cascade offers a full-suite of high-end common-area amenities, including a clubhouse, pool, fitness center and parking garages.
“We plan to implement updates to all of them,” Catarinella said. “The apartment homes boast several popular features that today’s renters expect from their apartment living experience, such as high ceilings, washer and dryer hookups and oversized bathtubs in master bathrooms.”
Preserve at Cascade is perfectly situated on the edge of the prominent Cascade Heights neighborhood; It’s a sanctuary just outside the nonstop bustle of the inner city, but in close enough proximity to major thoroughfares and an abundance of local and national retailers to still be a key part of the action.
In addition, residents of the community are within blocks of hundreds of jobs at the Atlanta Center for Medical Research, one of the most respected medical research institutions in the country.
Including Preserve at Cascade, CAPREIT currently owns and operates nearly 12,000 apartment homes across the nation.