Sugar Hill Overlook, 1637 Marakanda Trail, Sugar Hill, GA
ATLANTA, GA—Audubon Communities, an Atlanta-based firm specializing in the acquisition, repositioning and management of multifamily properties throughout the Southeast, has acquired a 177-unit townhome portfolio in North Atlanta. The acquisition marks Audubon's first investment in for rent townhome properties.
The two-property portfolio includes the 131-unit Sugar Hill Overlook community, located at 1637 Marakanda Trail in Sugar Hill, GA, as well as the smaller, 46-unit Foundry at Kelly Mill, located in Cumming, GA. Both properties are ideally positioned in the affluent, northern Atlanta suburbs in sought-after school districts and close to major employment centers.
“We are excited about this opportunity, as we believe there is untapped demand for high-end rental product that differs from the typical apartment community,” says Myles Cunningham, vice president of acquisitions at Audubon Communities. “The spacious townhome units have attached garages and contain finishes that are comparable with new home construction.”
Both newly constructed communities will benefit from Audubon's professional property management team and their wide-ranging community management expertise. Audubon teams will work to complete leasing efforts at Sugar Hill Overlook as well as manage ongoing renewals and operations at both communities.
“This acquisition is also unique for us because both properties are newly constructed and don't require significant upgrades,” says Cunningham. “We really see this as an opportunity for our professional management team to come in and provide high-quality management to match the high-quality communities.”
So far this year, Audubon Communities has acquired 1,238 units across seven properties in three separate transactions. Audubon financed this investment with a bridge loan from Principal Real Estate.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
