ATLANTA, GA - Emma Capital Investments announced the completion of the acquisition of Avenues 85 Apartments, a 392-unit garden style multi-family apartment community located at 2515 Northeast Expressway,Atlanta, GA at a purchase price of $35,672,000. This is Emma Capital's 32nd purchase in the United States and brings its total acquisitions to date to approximately 8,500 apartment units.
Avenues 85 is situated on 29.7 acres on the border of Chamblee, within North DeKalb county, one of Atlanta's most dynamic submarkets. It is positioned along the I-85 Highway, a major traffic artery providing excellent accessibility to the NE Atlanta market and offers backroad access to Buckhead's trophy office and retail offerings, to Emory's 40,000 'Meds and Eds' jobs, as well as to the I-85 industrial corridor's 24M+ SF of industrial space.
The Property presents an attractive unit mix with five different floor plans made up of 195 one-bedroom units and 197 two-bedroom units and a strong amenity package that includes the largest fitness center in the submarket. Almost all units at the Property feature outdated interior finishes, making the asset a strong candidate for unit interior upgrades by enhancing the finishes and appliances to achieve rent increases.
"We are pleased to add Avenues 85 Apartments to our portfolio in the Atlanta Market Area," stated founding Partner and Co-Owner Haya Zilberboim. "The Property's strategic location provides incredible access to one of Atlanta's most burgeoning job growth areas and great access to prominent areas such as Buckhead. 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 investment is our 13th in the Atlanta area," added Partner and Co-Owner Oz Cohen. "The fundamentals of the Atlanta market, including its economic diversity, transportation access, low cost of business, and strong population and job growth remain very solid. We intend to continue investing in the Atlanta market in 2019 and to solidify our position as a leading owner and operator of value-add properties in this market."