The Metro, Atlanta, GA
ATLANTA, GA—Audubon Communities, an Atlanta-based firm specializing in the acquisition, repositioning and management of multifamily properties throughout the Southeast, has closed on the $81.2 million sale of two multifamily properties in metro Atlanta.
Audubon sold The Metro, a 200-unit community, located in Cobb County, to Starboard Realty Advisors for $38 million, representing $190,000 per unit. In a separate transaction, Audubon partnered with Harbert Real Estate to sell Forest Hills at Vinings, a 302-unit community, to Sunbelt Residential for $43.2 million, representing $143,046 per unit.
“The sale of these two properties is demonstrative of Audubon's overall business plan to selectively sell assets where we have completed our capital improvement program and created value and impressive returns for our investors,” says Christopher Edwards, managing director of Audubon Communities.
The Metro, located near the Atlanta Braves' SunTrust Park, was a unique project for Audubon as it was previously operated as a 288-room extended stay hotel. Audubon acquired the asset in late 2013 and invested $12 million to renovate and replace nearly every component of the property to transform it into a 200-unit class A apartment community.
Additionally, Audubon invested over $1 million in the existing clubhouse to convert it into a leasing office and amenity building, complete with a cyber café, fitness center and cabana room. The firm also invested significant capital to upgrade the existing pool, tennis courts, and landscaping, and repave the property. At the time of the sale, The Metro was 97% occupied.
Audubon acquired Forest Hills at Vinings in 2014 and undertook a three-year, $4.3 million renovation to upgrade and reposition the asset to better compete with newer properties in the area. Capital improvements at Forest Hills included the installation of new energy-efficient windows and doors and replacing rotting exterior siding with more durable fiber cement siding. Unit interiors received upgraded fixtures and finishes as well as new, modernized kitchens. Additionally, Audubon and its investment partner, Harbert Real Estate, upgraded the community's existing amenity package and constructed a new stand-alone fitness center and resident lounge. At the time of the sale, Forest Hills was 93% occupied.
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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].
