ATLANTA, GA - CORE Real Estate Capital announced it has acquired Icon Avondale, a 374-unit, Class B+ multifamily community located in Decatur, GA. The transaction, for which CREC partnered with Indiana-based real estate company Sterling Group, marks CREC's 50th real estate investment.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary and tertiary markets throughout the United States.
Located at 3330 Mountain Drive, Icon Avondale is part of the Avondale Estates submarket. Originally built in 1972, the community was formerly known as Novo Avondale. The property offers approximately 388,762 square feet of potential rentable space over 38 acres. Apartments are designed as one, two, and three-bedroom floor plans, some with balconies and screened porches, ranging in size from 745sf to 1,200sf.
The apartments feature updated kitchens and bathrooms, stainless steel appliances, and new flooring. The new owners plan to add six additional units and will invest in renovations to the building exteriors and common spaces, adding amenities such as a dog park, dog wash, more grilling stations and community areas. Residents at Icon Avondale will enjoy professional management with online leasing and resident services.
The property sits near I-285 (directly across from the Kensington MARTA station), is easily accessible to Atlanta and its suburbs and is less than two miles from downtown Decatur with its vibrant dining, shopping and entertainment options. The Atlanta metropolitan area is home to 30 Fortune 1,000 companies, and according to the U.S. Census Bureau, is one of the fastest-growing metro areas in the nation, with population increasing from 5.3 million in 2010 to just over six million in 2019.
"We remain bullish on multifamily and its tendency to outperform other real estate segments, especially during the uncertain times we are currently experiencing due to the COVID-19 pandemic. We like the Atlanta area's strong fundamentals and we believe the Decatur submarket and the broader area will benefit from tailwinds that favor continued demand for rental housing for the foreseeable future," said Jeff Coopersmith, founder and Managing Partner of CREC. "At the property level, CREC sees an important value-add opportunity at Icon Avondale, where occupancy rates are in excess of 98 percent and tenant rent payments remain strong."