RangeWater Real Estate and Nippon Steel Kowa Real Estate advised by Metzler Real Estate have acquired an apartment community in metro Atlanta.
The collective purchased Avana Druid Hills, which will be renamed The Dakota at Druid Hills, located at 3471 N. Druid Hills Road in Decatur. This is part of the multifamily real estate company RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt.
“RangeWater is committed to meeting the growing apartment demand across the Sun Belt,” said RangeWater’s Chairman and CEO Steven Shores in a statement. “Our acquisitions team is always looking for opportunities to purchase well-maintained communities and add value by way of renovations and upgrades, as well as strong partners like NSKRE to carry out the business plan. The Dakota at Druid Hills provides a great foundation that aligns within our strategic efforts to enhance the lives of those who call it home.”
Decatur’s Druid Hills area is one of Atlanta’s first suburbs, and is popular with its tree- lined streets, shops, movie theaters and location convenient to Emory University and the Centers for Disease Control. The garden-style community was built in 1985 and has 228 units.
“The Dakota is a great addition to our local portfolio of communities,” said RangeWater Director of Acquisitions Josh Colter. “The Druid Hills neighborhood is particularly popular with Emory doctors, staff and students, Center for Disease Control employees and numerous Fortune 1,000 companies. We look forward to inviting new residents to join our community and enriching the lives of those who already call it home.”
RangeWater will continue to add to the many amenities at The Dakota. Current features include an outdoor pavilion, kitchen, and picnic areas, a pool, private tennis courts, fitness center, car care center, business center and an updated clubhouse.
Inside, the apartments offer large rooms including separate dining, living and laundry rooms, outdoor balconies and patios, and gas fireplaces. Those units with a bonus room will be converted into three-bedroom apartments. RangeWater will invest in improvements to the interiors so the property will maintain a competitive advantage.
“Some of our two-bedroom apartment homes will be transformed into three bedrooms to
address this underserved need in the Druid Hills submarket,” added Colter. “That alone made this acquisition a very compelling investment for RangeWater.”
Privately owned RangeWater was founded in 2006. The company acquires, develops,
manages, and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio. Georgia is RangeWater’s largest market, followed by Florida. The company is quickly growing into the Mountain West and Southwest.