Oak Coast Buys Multifamily Asset in Duluth
- Jan 20, 2014
Oak Coast Properties and Investors Management Group announced the acquisition of Promenade at Berkeley on January 14. Located in Duluth, Ga., the 492-unit apartment community was sold for $33.7 million by Northwoods Lake Partners LLC.
Built in 1986, the community features 130 one-bedroom and 362 two-bedroom apartments. Residents are granted access to a business center, a car care center, a dog park, enjoy a private lake with fountains, while the community’s two tennis courts, fitness center, walking trails and playgrounds contribute to a healthy lifestyle.
The previous owner commenced significant renovations ten years ago that were finished in 2009 and now Oak Coast Properties and IMG plan further property upgrades. With works starting in early 2014, the extensive renewal will include structural repairs, interior improvements in the community areas as well as in the apartments themselves, and an exterior facelift too. Plans involve enhancing the painting, sidewalks, railing, roofs, gutters, windows and doors, plumbing, heating, pavement, heating systems, and HVAC units. Additional upgrades will be made to the parking lot, fitness center, business center, tennis courts, dog park, pool and spa, lighting, security cameras, signage, landscaping and outdoor BBQs.
Situated just outside of Atlanta in Gwinnett County’s Duluth submarket, the Promenade at Berkeley offers easy access to major employment hubs like the area’s high-tech and bioscience industries. Work centers, a variety of entertainment amenities, restaurants and other retail venues are accessible via Interstate 85 and freeway nr 285.
Photo credits: Oak Coast Properties