ATLANTA, CA - Emma Capital Investments announced the completion of the acquisition of The Chelsea Apartments (formerly Steeple Chase), a 306–unit garden style multi-family apartment community located at 5940 Singleton Road, Norcross, (submarket of Atlanta), Georgia at a purchase price of $26,010,000. This is Emma Capital's 20th purchase in the United States and brings Emma Capital's total number of units acquired to date to approximately 5,000 apartment units.
The Chelsea Apartments community is located in South Gwinnett on Singleton Road, 0.5 miles northeast of Jimmy Carter Boulevard and 1.5 miles from I-85, which provides seamless access to all of Gwinnett County and metro Atlanta. The Property enjoys more than 1,700 feet of frontage on Singleton Road with excellent drive-by traffic and visibility. Gwinnett County is the second most populous county in Georgia with over 860,000 people as well as one of the fastest growing counties evidenced by an almost 50% population increase since 2000.
The Property was built in 1984 and is situated in 23.15 acres featuring a mix of 306 residential units in 20 two-story buildings. It offers 6 different floor plans made up of 113 One-bedroom units, 169 Two-bedroom units, and 24 Three-bedroom units, averaging 956 square feet per unit. The community features a resort-like swimming pool, clubhouse, business center, fitness Center, clothes care Center, picnic/grill Area, sport court and beautiful landscaping. The property has a strong history of stable occupancy.
"We are pleased to add The Chelsea Apartments to our growing portfolio in the Greater Atlanta Area," stated founding Partner and Co-Owner Haya Zilberboim. "We are rebranding the property and will be updating its excellent amenity package. The property has seen strong organic rent growth over the past two years, with only 25% of the units being renovated. We see the potential to further increase unit rents through a comprehensive unit renovation program in the remaining units. We aim to continue to deliver a strong value proposition to all of our current and potential tenants."
"This is our 11th acquisition in the Atlanta area in the last 24 months," added Partner and Co-Owner Oz Cohen. "Our ownership of approximately 3,000 units in MSA Atlanta, provide us with a very strong base to continue our rapid expansion. We are ending 2016 on a very strong note and look forward to further expansion in 2017 and beyond."