The company is putting another $12 million into renovating four of the communities. Two of the assets are in Atlanta: Jefferson Ridge, 424 units, cost $31.8 million or $75,000 per unit. Built in 1998, it will not be renovated. The second metro property is Arbor Mill Apartments, 274 units, cost $14.2 million or $51,825 per unit. Renovations will total $1.23 million or $4,500 per unit.
Summer Oaks at St. Johns in Jacksonville, FL, 400 units, cost $12.45 million or $31,125 per unit. The company will spend $5.8 million or $14,500 per unit, in renovations. The 345-unit Foxfire Apartments in Durham, NC cost $14.15 million or $41,014 per unit and will see improvements of $2.26 million or $6,400 per unit. Regency Woods in Pascagoula, MS, 184 units, was purchased for $3.8 million or $20,652 per unit. Renovations will total $2.67 million or $14,500 per unit.
The company plans to broaden its base this year to include all types of multifamily properties, from ultra luxury and infill to affordable suburban communities in new southeastern cities as far west as Texas.
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