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CORE Real Estate Capital (“CREC”) Tuesday announced it has acquired Novo Avondale, a 374-unit, Class B+ multifamily community, at 3330 Mountain Drive. The transaction, for which CREC partnered with Indiana-based real estate company Sterling Group, marks CREC’s 50th real estate investment.
“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,” Jeff Coopersmith, founder and managing partner of CREC, said in the release. “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. 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.”
As part of the acquisition, the property — originally built in 1972 — will now be called Icon Avondale. It encompasses 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 745 to 1,200 square feet.
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.