COLLEGE PARK, GA - A partnership between Auerbach Funds and Dunross Capital has recently acquired "The Life at Avery Park", a 290,000 square foot, 220-unit townhouse complex in in College Park, GA.
Located at 2609 Charlestown Drive, The Life at Avery Park consists solely of townhome style units that will undergo a renovation to "platinum" level quality units. The partnership also plans to improve the existing amenities including the clubhouse, outdoor walking track, new windows and doors, improved landscaping, and enhancements to the common areas.
The multifamily townhouse style property is located just minutes from downtown Atlanta, with nearby access to I-285, I-85, and the Metrorail. The College Park area is Atlanta's fasting growing submarket, conveniently located just minutes from the Hartsfield Jackson Airport, which employs approximately 63,000 people, making the area one of the largest employment districts in Georgia.
Peter Auerbach, Founder and Managing Partner of Auerbach Funds, stated, "We have a lot of conviction investing in the rapidly growing submarket of College Park which is bolstered by an established city like Atlanta. This acquisition will strengthen our portfolio of value-add assets and expand our footprint in the Atlanta market, a leading area for job growth and a rapidly growing hub for technology. We look forward to our partnership with Michael Crow and his team at Dunross Capital to deliver an improved product and experience for our tenants, while also providing strong returns for our investment partners".
Commenting on the acquisition, Michael Crow, CEO of Dunross Capital, said "We are excited about this property of 220 beautiful townhomes next to the billion-dollar expansion near the Airport. We were able to work with the seller and broker during COVID and still get the deal done. Our equity partner Auerbach Funds, and Peter and his team were great to work with. We look forward to more acquisitions together."
This marks the first acquisition since Auerbach Funds announced its first close for Auerbach Opportunity Fund III in mid-October. The fund has a target size of $100 million and is currently open to new investors.
Source: Auerbach Funds