Emma Capital Investments Inc. has acquired Avenues 85 Apartments in Atlanta, Ga., for $35.7 million. The acquisition marks the 32nd U.S. purchase for Toronto-based Emma Capital, bringing its total acquisitions to approximately 8,500 apartment units.
Situated at 2515 Northeast Expressway, the 1967-built garden-style apartment community features 392 units. The property sprawls across 31 acres in Northlake, one of Atlanta’s most vibrant submarkets.
Avenues 85 features 20 two-story buildings encompassing 195 one-bedroom and 197 two-bedroom apartments in five different floor plans. The asset’s amenity package includes the largest fitness center in the submarket, as well as a business center, playground, and 750 parking spaces. Monthly rents range between $918 and 1,193, according to data provided by Yardi Matrix. The property is currently 92.3 percent occupied.
Access to Prominent Areas
Offering access to Buckhead’s trophy office and retail settings, the community is positioned along the I-85 corridor, with access to the Northeast Atlanta market and Buckhead’s trophy office and retail offerings. Because almost all Avenues 85 units have outdated interior finishes, the apartment community is an excellent candidate for unit finishes and appliance upgrades that will yield rent increases.
“The property’s strategic location provides incredible access to one of Atlanta’s most burgeoning growth areas and great access to prominent areas such as Buckhead”, said Haya Zilberboim, Emma Capital’s founding partner and co-owner, in prepared remarks. ”By improving the property’s amenities and upgrading its unit interiors, we will provide a great, cost-effective alternative for tenants wishing to be close to these economic drivers.”
This is Emma Capital’s 13th investment in the Atlanta market, which bolsters economic diversity, transportation access, low cost of business and strong population and job growth.
Earlier this year, the company entered the Indianapolis market by acquiring a multifamily portfolio for $63.9 million.
Image courtesy of Yardi Matrix