JV Picks up Atlanta-Area Property
- Aug 07, 2019
Providence Real Estate LLC has acquired Sundance Creek Apartments, a 232-unit multifamily community in the Atlanta suburb of McDonough, Ga. The purchase was made in a joint venture with a global insurance and investment company.
The seller was Audubon Communities of Atlanta, which owned the 15.4-acre asset since July 2017 when the firm acquired the asset for $23.5 million from Passco Cos., according to Yardi Matrix data. Passco had owned the property since November 2011, when it acquired the asset from Principal Global Investors for $14.5 million, Yardi Matrix data shows.
The garden-style townhome community was built in 2004 and has 26 two-story buildings, 24 detached garages and 32 storage units. Located at 575 McDonough Parkway, the property is near key distribution and logistics employers such as Home Depot, Georgia-Pacific and Goya Foods. Providence Chairman Alan Pollock noted in a press release that several significant distribution campuses are planned for the area which is expected to drive demand for workforce rental housing like Sundance Creek.
The property, which is currently 97.8 percent occupied, has one- and two-bedroom units with rents ranging from $914 to $1,156 with an average rent of $1,002, according to Yardi Matrix.
Community amenities include controlled access, fitness center, business center, clubhouse and swimming pool. Interior features include washer/dryer hookups in all units, vaulted ceilings and high-speed Internet access.
Just last month, Providence—in a joint venture with a Fortune 500 insurance firm—acquired IMT Boot Ranch in Palm Harbor, Fla., from IMT Capital for $80 million, according to Pinellas County public records. The 432-unit community was rebranded as The Boot Ranch. It has one-, two-, three- and four-bedroom units in 17 three-story buildings. The property is located about 17 miles from Tampa International Center and less than 21 miles from downtown Tampa, Fla.
In April, a joint venture between Providence and Aegon Real Assets US acquired The Park at Via Rose, a 390-unit apartment community in Brandon, Fla., for $63 million from Grand Rivage at Brandon Lakes Ltd. The garden-style property also has one, two-, three- and four-bedroom floorplans and was 95 percent leased at the time of the sale.