LOS ANGELES, CA - Oak Coast Properties and IMG (Investors Management Group) today announced the acquisition of Promenade at Berkeley, a 492-unit apartment community located in Duluth, Georgia. Purchased for $33.7 million from Northwoods Lake Partners, LLC, the property includes a mix of both one and two-bedroom units and is situated just outside of Atlanta in Gwinnett County. Oak Coast Properties and IMG will commence extensive renovations and upgrades to the community in the first quarter of 2014.
“Promenade at Berkeley is a quality multifamily community and ideal acquisition for Oak Coast Properties and IMG, as it boasts a superb location where job growth, regional amenities, and rental demand are strong,” said Matthew Heslin, Oak Coast Properties Chief Executive and Co-founder.
The Promenade at Berkeley is located in Duluth, a submarket of Gwinnett County just outside of Atlanta. The property is proximate to major employment hubs including the thriving high-tech and bioscience industries in the area. With access to the I-85 and 285 freeways, residents enjoy direct commuter access to work centers in addition to varied dining, retail and entertainment venues and amenities.
The apartment community includes 130 one-bedroom and 362 two-bedroom apartments. The property boasts a private lake with fountains, and multiple health and leisure focused amenities including two tennis courts, a state-of-the-art fitness center, dog park, walking trails and playgrounds. The community also includes a car care and business center.
“The community offers a rich and varied set of amenities,” said Heslin. “And the upgrades we plan to complete will create an even richer experience for residents.”
Built in 1986, Promenade at Berkeley underwent significant renovations during 2004 – 2009 under previous ownership. As the new owners, Oak Coast Properties and IMG plan property upgrades, which will commence in early 2014, and include both interior and exterior improvements. The renovations include painting, sidewalk, railing, roof, gutter, window and door, plumbing, heating, pavement, heater, and HVAC unit enhancements. Additional upgrades will be made to the parking lot, fitness center, business center, tennis courts, dog park, pool and spa, lighting, security cameras, signage, landscaping and outdoor BBQs. Structural repairs will also be completed.
IMG President Neil Schimmel comments, “IMG and Oak Coast Properties look forward to the updating and modernization of this unique property. Given the excellent location and tenant profile, our plan will be the next evolution of exceptional community.”
Oak Coast Properties is actively pursuing multifamily community acquisitions within the western states of California, Arizona, Washington, Oregon and Utah, in addition to Colorado, Texas and Georgia. The firm’s acquisition targets include class B and C properties for the implementation of a value add, long-term hold investment strategy emphasizing net operating income growth potential.
About Oak Coast Properties
Co-founded in 2009 by Matthew Heslin and Phillip Nahas, Oak Coast Properties is a developer, owner and manager of multifamily properties. As an active purchaser of apartment communities, the firm applies a long-term investment approach to maximize the value inherent in each property holding. Oak Coast Properties is headquartered in Los Angeles, California.