Hudson Capital Properties, a multifamily real estate investment and development firm focused on value-added acquisitions in Southeastern US markets, announced the $143.5 million sale of Hudson Ridge Apartments, a rental community located at 3505 Windy Ridge Ln. in the Cumberland submarket of Atlanta, GA to an affiliate of New York-based L+M Fund Management. HCP purchased the asset in 2016 and subsequently executed a full renovation program. Kevin Geiger of CBRE represented HCP in the transaction.
“Hudson Ridge was by far the largest acquisition we had made at the time in 2016 which is indicative of our conviction in the Atlanta market and our strategy for the asset,” said Robert B. Cohen II, chief investment officer at HCP in a statement. “After executing a community wide renovation program, we are proud to have transformed Hudson Ridge into one of the most sought-after rental communities in an area bursting with built-in neighborhood amenities.”Built in 1998, Hudson Ridge has been maintained by each of its three owners. The unit mix includes one-, two-, and three-bedroom floorplans, some with detached garages. HCP recently completed renovations to all residences including new cabinetry, granite or quartz countertops, stainless steel appliances, vinyl plank flooring in kitchens and living areas and new plumbing and lighting fixtures throughout. Additionally, new carpeting was installed in all bedrooms. The firm also expanded the leasing office space, redesigned the clubhouse to include a multi-use kitchen and implemented important exterior common area upgrades.
Hudson Ridge is a short drive from more than 100 Fortune 500 companies in the
Cumberland submarket and is located within walking distance of The Battery Atlanta
with upwards of 400,000 SF of retail and the 41,500-seat Truist Park, home to the
Atlanta Braves and a host of year-round events. The retail, shopping, entertainment district, as well as numerous Class-A office developments nearby demonstrate the district’s remarkable growth trajectory and have played an important role in the life-cycle of this asset.
“The renovation at Hudson Ridge, combined with an incredible location and a white-hot apartment market in the region, were key to the successful disposition of the asset,” said Cohen. “The sale is a testament to HCP’s expertise in identifying excellent opportunities and our ability to implement a truly meaningful value-add renovation scope.”