JV Acquires Value-Add Community in Suburban Atlanta
- Mar 09, 2016
Duluth, Ga.—Admiral Capital Group and McCann Realty Partners have acquired Howell Bridge Apartments, a 256-unit community in Duluth, Ga., for $8.7 million. The property represents Admiral’s third investment in the Atlanta MSA and its first joint venture with McCann.
The buyers consider it a value-add deal. Admiral and McCann’s plan is focused on three value-enhancement drivers: invest significant capital to repair deferred maintenance, upgrade the original unit interiors and amenities, and institutionalize the property management.
Built in 1985, the two-story garden-style property on 32 acres on Peachtree Industrial Blvd. will be managed by Atlanta-based Pegasus Residential LLC. Common amenities include a saltwater swimming pool, a fitness center, playground, and on-site management.
“Howell Bridge fits our value-add strategy with near-term opportunities to improve the overall positioning of the property, including interior, exterior and common space upgrades,” said Dan Bassichis, co-founder of Admiral. McCann, he pointed out, has a track-record of executing that particular strategy.
“The suburban Atlanta apartment market continues to have strong rent growth due to job creation,” said McCann, vice president of acquisitions, Thomas Upson. “Repositioning the will allow us to provide a more positive experience for residents while increasing the value of the property.”