Providence Acquires 269-Unit Atlanta Property

Situated in the Perimeter Center submarket, The Stratford Apartment Homes are located less than a mile from the largest medical center in Georgia.
The Stratford Apartment Homes. Image courtesy of Providence Real Estate

Providence Real Estate LLC has acquired The Stratford Apartment Homes. Situated in the Perimeter Center submarket of Atlanta at 5479 Glenridge Drive NE, The Stratford is a 269-unit property constructed in 1990. Providence Multifamily REIT, a Providence-managed private REIT investing in value-add multifamily opportunities in the Southeast U.S., acquired the property.

The apartment community features four three- and four-story frame-constructed mid-rise residential buildings, as well as a one-story clubhouse and leasing center. One and two-bedroom floorplans ranging in size from 609 to 1,200 square feet are represented. Units include in-unit washers and dryers, vaulted ceilings, high-speed Internet access and, in select units, microwave ovens and fireplaces. Common-area amenities include a pool.

The acquisition’s due diligence took place during COVID-19. “We had our share of issues, but overall it wasn’t horrible,” Kevin Finkel, told Multi-Housing News. “The number one issue was the unit inspection process for both us as a buyer and the lender. Getting people into the units to know what we were buying was a problem for both us and the residents.”

Earlier this year, Finkel weighed in on precautions the company undertook at its properties in the early weeks of the COVID-19 crisis.

Access to care

The Stratford is situated less than a mile from the largest medical center in Georgia, housing Northside Hospital Atlanta, Emory St. Joseph’s Hospital and Children’s Healthcare of Atlanta. The property is also less than a mile from a job hub that includes United Parcel Service, AT&T Mobility, Cox Enterprises, Haverty Furniture and Newell Brands.

Finkel noted The Stratford offered a rare off-market opportunity to acquire an appealing apartment community possessing significant upside through value-add extensive interior and exterior renovations.