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.
2 Responses
Curious to see how fast that name may change due to the potential confusion with Related Group’s ICON portfolio in Midtown and Buckhead.
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 new units… I’m also confused about the mention of the dog park and grilling stations- we’ve had the dog park for almost a year and our grilling stations opened at the pool in September, unless they’re planning more? The previous management did promise a dog wash and never delivered, so maybe this is the common area upgrade mentioned. It seems a little to me that the new owner is trying to take credit for things that have already been done by the previous owner. Either way, residents haven’t exactly been informed. We had zero notice of the sale- one day we had our office staff we’ve known for over a year, and the next day we had a completely new set of people staffing the place.