CORE Acquires Novo Avondale, Renames It Icon, Plans Improvements

Columbus, Ohio-based developer plans to add six additional units, renovate exteriors, common spaces, and add new amenities such as a dog park, dog wash, grilling stations
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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.

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“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.

Caleb J. Spivak

Caleb J. Spivak

Caleb J. Spivak is the Founder of What Now Media Group, Inc. Check out our publications in your city: Atlanta, Chicago, Dallas, Denver, Las Vegas., Los Angeles, New York, Orlando, Philadelphia, Phoenix, San Diego, and San Francisco.
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willw
willw
10 months ago

Curious to see how fast that name may change due to the potential confusion with Related Group’s ICON portfolio in Midtown and Buckhead.

The Apartments formerly known as Novo
The Apartments formerly known as Novo
9 months ago

I am a resident and am a little confused. I’m not sure what improvements they are talking about. The property was completely renovated in 2019/2020- I’m talking full-scale ripping out all interiors, rewiring, reroofing- you name it. The property was brand new when I moved in. One building even had to be completely reconstructed after a 2018 fire before the renovation. If they’re adding six units my guess is constructing Building F, which burned down years, if not decades ago. All that remains of it is the concrete foundation. Other than that, I can’t imagine where they could add 6… Read more »

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