Lion Real Estate Spends $83M on 2 Atlanta Communities
- Sep 10, 2020
Real estate investment firm Lion Real Estate Group has purchased two apartment communities in Atlanta for $83.2 million. The properties were acquired from seller The RADCO Cos. and total 584 units across the two communities.
The buyer secured financing through two Freddie Mac loans arranged by Berkadia.
The deal marks Los Angeles-based Lion Real Estate’s first foray into the Atlanta market. The transaction is part of RADCO’s seven-property sell-off in four separate transactions that was announced by the firm last week.
Both of the communities—Everly Apartments and Domain Apartments—are located in Gwinnett County, a suburban area northeast of downtown Atlanta.
The 324-unit Everly Apartments, formerly known as 2800 at Sweetwater, is located in Lawrenceville, Ga. Built in 1997, the property houses a mix of one-, two-, three- and four-bedroom apartments that average 1,003 square feet in size, according to data from Yardi Matrix. Amenities at the property include a fitness center, business center, clubhouse, volleyball court, playground and swimming pool.
In nearby Norcross, Ga., the 260-unit Domain Apartments, formerly known as Ashford 6860, houses a mix of one-, two- and three-bedroom units averaging 874 square feet in size, according to Yardi Matrix. Built in 1973, the property offers resident amenities including a fitness center, tennis court, playground and swimming pool.
Both properties underwent significant renovations prior to Lion Real Estate’s acquisition, including upgrades to flooring, lighting, appliances and cabinetry in about half of the units at the communities. Lion Real Estate plans to undertake their own $6.7 million renovation plan over the course of three years to further upgrade interiors and add “curb appeal.”
Jeff Weller, Lion Real Estate’s co-founder & managing principal, said in prepared remarks that the deal is part of the firm’s business strategy of acquiring properties outside of the urban core in cities with growing populations and strong job prospects.