Source: Emma Capital / #Apartments #Multifamily
DULUTH, GA - Emma Capital Investments announced the completion of the acquisition of Berkeley Landing Apartments, a 240–unit garden style multi-family apartment community located at 3700 Peachtree Industrial Blvd. Duluth, Georgia at a purchase price of US$21,500,000. This is Emma Capital’s 11th purchase in the United States and brings Emma Capital’s total acquisitions to date to over US$150,000,000 and over 2,500 apartment units.
Berkeley Landing is well-located in Duluth, a city in North Gwinnett County. This submarket has above average incomes and high quality properties that help support increasingly higher rents. The Property is situated on 22.2 Acres and features 240 units in 24 two and three story buildings as well as a leasing office. The Property has a large attractive unit mix, offering 3 different floor plans made up of 1- and 2-bedroom units and averaging 1,128 square feet per unit. Over 66% of the property is made up of large 1,200 square foot 2-bedroom, 2 bathroom units. These spacious units feature washer and dryer connections, large closets, wood burning fireplaces (in some units) and fully equipped kitchens, as well as private sunrooms. The property features terraced pools with a waterfall, two lighted tennis courts, a media room and beautiful landscaping.
Emma Capital has identified a number of capital improvements that are intended to strengthen the Property's position in the market and positively impact rental rates. A significant opportunity exists for Emma Capital to increase the value of the property through a unit interior upgrade program, as all of the units feature original finishes. The property has seen strong organic rent growth over the past year, even with original unit finishing.
“We are pleased to add Berkeley Landing to our growing portfolio in the Greater Atlanta Area,” stated founding Partner and Co-Owner Haya Zilberboim. “North Gwinnett is a well-developed market with fast growing population; however it has a high aversion to new multi-family construction. There are currently no apartments or condos either completed or under construction and very little currently in the planning/proposal stage. This supply restriction will help drive rent rates as population growth increases the demand for multi-family communities. The addition of this property further strengthens our footprint in this rapidly growing market.”
“This investment is our 5th in the Atlanta area in the last 9 months,” added Partner and Co-Owner Oz Cohen. “It provides us with a very strong base to continue our expansion to other North-East submarkets such as Charlotte and Nashville. We continue to execute on our growth strategy with quality assets and leverage our experience and relationships to access phenomenal low interest rates so that we continue to produce the best results for our investors.”