Venterra Realty acquired The Maddox Apartments, in Duluth, at 4370 Satellite Blvd, for $75 million, according to a press release Tuesday. The acquisition of the community marks the 60th property in Venterra’s portfolio, and the first acquisition for Venterra Realty during the pandemic.
The Maddox is a garden-style property with 372 units that was built in 2007. The community offers five one-, two-, and three-bedroom apartment floorplans ranging in size from 946 to 1422 square feet, with rents starting around $1275 per month. The Maddox’s amenity package includes a saltwater swimming pool, 24-hour fitness center, playground, on-site dog park, and accepts 3 pets per apartment.
“We are excited to add another community in the greater Atlanta region, especially in Duluth, which adds an upward trending submarket to our Georgia portfolio,” Ash Thakore, asset manager for Venterra Realty, said in the release. “Duluth is the proverbial sweet spot; close enough for residents to commute into Atlanta, yet far enough away to provide a charismatic, suburban lifestyle. The property itself provides larger-than-average and unique floorplans which are a key attraction for current and future residents.”
The Maddox is undergoing a renovation that was 45 percent complete when Venterra acquired it and the real estate developer will continue to renovate the remaining 55 percent of units, with the same level of interior appliances and finishes. The municipality is currently working through the final stages of designing a park that will be adjacent to the property to the west, complete with walking trails and recreational amenities. The park will join directly to The Maddox via a walking path.
Venterra Realty owns and manages 60 properties in 18 cities across the Southeastern US that provides housing to over 29,000 people and 5,000 pets. Venterra currently manages a portfolio of multi-family real estate assets totaling over $2 billion in value, generating gross annual income in excess of $200 million. The organization has completed in excess of $2.2 billion of real estate transactions.
