Venterra Buys Georgia Community for $75M
- Nov 04, 2020
Venterra Realty has entered a new market of Georgia with the acquisition of The Maddox Apartments in Duluth. The company purchased the 372-unit suburban community for $75 million from an undisclosed seller.
The Maddox Apartments offer one-, two- and three-bedroom units that range in size from 946 to 1,422 square feet. Rents start at $1,275 for the Class A garden-style community that includes amenities like a swimming pool, fitness center, playground, dog park, car wash station, clubhouse and business center. The Maddox will also have a direct walking path connection to a park with walking trails and recreational amenities that’s in the final stages of design.
Located at 4370 Satellite Road, the community is situated along the I-85 corridor and 20 miles northeast of downtown Atlanta. Ash Thakore, asset manager for Venterra, said in prepared remarks that The Maddox Apartments was a sweet spot for residents who can be close enough to commute to Atlanta while still enjoying a suburban lifestyle.
Built in 2007, The Maddox had 45 percent of its units upgraded with stainless steel appliances, granite countertops and wood plank floors. Venterra is working on finishing the remaining 55 percent to match the updated units.
GROWING THROUGHOUT SOUTHEAST U.S.
The acquisition of Maddox Apartments, which is Venterra’s first entry into the Duluth market, was attributed to the area’s affordable cost of living and education system, John Foresi, Venterra’s CEO, said in prepared remarks.
Andrew Stewart, chairman of Venterra, also said in prepared remarks, that Venterra will continue looking at breaking into new markets. Back in 2001, Venterra started with four communities in Texas and has since grown its portfolio to 60 properties in 18 cities across Southeastern U.S. with $2 billion in value. The company has properties in Florida, Georgia, Kentucky, North Carolina, Tennessee and Texas and recently landed a $38.4 million refinance for its 312-unit community in Peachtree City, Ga.