Gainesville Community Trades for $22M
- Jul 31, 2017
Audubon Communities purchased Lenox Park, a 292-unit multifamily property in Gainesville, Ga., for $22 million. The asset will be rebranded as Peaks at Gainesville.
“Gainesville is a highly desirable market because of its strong population and job growth. Lenox Park was a quality property in a great location. It was an attractive investment, and we believe the renamed Peaks at Gainesville will be a big success,” Myles Cunningham, Audubon’s vice president of acquisitions, said in prepared remarks.
Extensive Revamping Ahead
Located at 1000 Lenox Park Place, the asset built in 2000 consists of two- and three- bedroom units averaging 1,100 square feet. The company also revealed plans for an almost $3 million renovation program that will include upgrades to the leasing office, pool and other amenity areas, the addition of a fitness center, the expansion of the existing playground, new fiber-cement siding, new lighting, exterior paint and signage and the installation of new landscaping.
“We’re confident the investments we’re making to improve the property will be appreciated by current residents and be a great selling point for our leasing staff going forward,” Christopher Edwards, Audubon’s managing director, said in prepared remarks.
Image courtesy of Lenox Park Apartments