ATLANTA, GA - Emma Capital Investments announced the completion of the acquisition of 3400 Club Apartments, a 300-unit garden style multi-family apartment community located at 3400 Club Lake Parkway, Lawrenceville, (submarket of Atlanta), Georgia at a purchase price of $25,700,000 Million.
This is Emma Capital's 19th purchase in the United States and brings Emma Capital's total acquisitions to date to over $300,000,000 and over 4,500 apartment units.
The property is well-located on the border of Lawrenceville and Duluth in North Gwinnett County, less than two miles from the Pleasant Hill Road and I-85 interchange, providing excellent access to I-85 and Highway 316, connecting motorists to Midtown/Downtown Atlanta and to the University of Georgia in Athens, respectively. The area benefits from continually improving demographics in one of the fastest growing counties in the nation with outstanding access to employment area, retail, cultural hubs, variety of amenities and excellent schools.
3400 Club was built in 1984, and is a mix of 300 residential units in 25 two-story buildings. 3400 Club Drive offers 6 different floor plans made up of 75 One-bedroom units, 166 Two-bedroom units, and 59 Three-bedroom units averaging 1140 square feet per unit. These units are some of the largest in the Submarket with spacious condo-style layouts. The community features a swimming pool area and a tennis court. 3400 Club Drive has benefited from ongoing exterior capital improvements totaling approximately $1.5 million. Emma Capital plans to renovate the interiors of a majority of the units, as it has done in its other Metro Atlanta properties as well as to expand tenant amenities with features such as unique outdoor fitness equipment and enhancement of the clubhouse.
"We are pleased to add 3400 club Apartments to our growing portfolio in the Greater Atlanta Area," stated founding Partner and Co-Owner Haya Zilberboim. "We currently own more than 2,500 units in Atlanta with a majority located in Gwinnett County. The addition of this property further strengthens our footprint in this rapidly growing market and provides us with a very strong base to continue our expansion to other South-East submarkets such as Charlotte, Raleigh, Tampa and Nashville."
"This investment is our 10th in the Atlanta area in the last 24 months," added Partner and Co-Owner Oz Cohen. "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."
Source: Emma Capital / #Apartments #Multifamily