Square Mile Capital Management LLC announced in a statement released today that they have assisted in acquiring the Alexan Avondale in Decatur, Georgia, and Aura Bluffview in Dallas, Texas, by originating a $144.2 million loan financing the properties.
Constructed in 2020, the Alexan Avondale project in Decatur features a total of 270 studios, one-, and two-bedroom units with amenities that include quartz countertops, hardwood-style flooring, stainless steel GE appliances, keyless entry, tile backsplash, under cabinet lighting, walk-in closets, and private balconies and patios in select units. The property also offers a fitness center, flexible work-from-home space with library walls, a clubroom with an entertainment kitchen, recording studio, pet spa, and a parking deck with 462 stalls and electric vehicle charging stations.
Square Mile Capital Principal Tom Burns commented, “This transaction represented an opportunity to provide acquisition financing to Nicholas SunTx RE Partners and Prizma Capital, on two brand new, well amenitized, Class A multifamily buildings that were completed during the pandemic and both leased up to stabilization due to strong underlying fundamentals. In addition, the tremendous economic growth in Dallas and Atlanta will allow the Sponsor to achieve stronger rents over the coming years, too.”
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York with a history of successful investing in commercial real estate at all points in the market cycle.