ATLANTA, GA – Emma Capital Investments announced the completion of the acquisition of Avenues 85 Apartments, a 392-unit garden style multi-family apartment community located at 2515 Northeast Expressway,Atlanta, GA at a buy price of $35,672,000. This is Emma Capital’s 32nd buy in the United States and brings its total acquisitions to date to approximately 8,500 apartment units.

Avenues 85 is situated on 29.7 acres on the border of Chamblee, within North DeKalb county, one of Atlanta’s most dynamic submarkets.  It is positioned along the I-85 Highway, a major traffic artery providing brilliant accessibility to the NE Atlanta market and offers backroad access to Buckhead’s trophy office and retail offerings, to Emory’s 40,000 ‘Meds and Eds’ jobs, as well as to the I-85 industrial corridor’s 24M+ SF of industrial space.

The Property presents an attractive unit mix with five different floor plans made up of 195 one-bedroom units and 197 two-bedroom units and a strong amenity package that includes the largest fitness center in the submarket.  Nearly all units at the Property feature outdated interior finishes, making the asset a strong candidate for unit interior upgrades by enhancing the finishes and appliances to achieve rent increases. 

“We are pleased to add Avenues 85 Apartments to our portfolio in the Atlanta Market Area,” stated founding Partner and Co-Owner Haya Zilberboim. “The Property’s strategic location provides incredible access to one of Atlanta’s most burgeoning job growth areas and fantastic access to prominent areas such as Buckhead.  By improving the Property’s amenities and upgrading its unit interiors, we will provide a fantastic cost-effective alternative for tenants wishing to be close to these economic drivers.”   

“This investment is our 13th in the Atlanta area,” added Partner and Co-Owner Oz Cohen. “The fundamentals of the Atlanta market, including its economic diversity, transportation access, low cost of business, and strong population and job growth remain very solid.  We intend to continue investing in the Atlanta market in 2019 and to solidify our position as a leading owner and operator of value-add properties in this market.”

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POMPANO BEACH, FL -The Praedium Group, a New York City-based national real estate investment firm, announced the acquisition of Luzano Apartments in Pompano Beach, FL. Chris Hughes, Principal of The Praedium Group, made the announcement of the investment firm’s most recent acquisition.

Constructed in 2017, Luzano consists of nineteen, three-tale apartment buildings and a clubhouse/leasing center. The Property’s unit mix consists of one-, two-, and three-bedroom homes ranging from 665 SF to 1,545 SF, with an average unit size of 1,002 SF.  Units interiors consist of granite countertops in the kitchen and bathrooms, large undermount sinks, white tile backsplash, stainless steel appliances, vinyl plank flooring, modern European style cabinets, designer plumbing fixtures, framed bathroom mirrors, and full-size washer/dryers. Community amenities include swimming pool and outdoor lounge with barbeque grills, fitness center, spin room, clubhouse with computer lounge, dog park, large central lake, walking trails, and controlled access gates.

“Luzano presents an opportunity to buy an institutional quality, garden-style multifamily community located in an evolving neighborhood within South Florida,” said Chris Hughes. “Fort Lauderdale’s unemployment rate is currently 40 basis points lower than the national average. AXIOMetrics projects jobs to grow by 8.9% over the next 5 years, nearly double the average for the US.”

Lindsay Schuckman, Associate of The Praedium Group, added: “As evidenced by adjacent new developments, the property’s surrounding location is going through a transformation. Luzano sits in an opportunity zone, which should encourage further redevelopment in the area. Luzano is currently positioned as a high-quality, affordable alternative to surrounding South Florida submarkets, providing an opportunity to capitalize on strong projected growth.” 

Luzano is located within Pompano Beach, just east of Florida’s Turnpike on Atlantic Boulevard, providing strong drive-by visibility. This central location, between Florida’s Turnpike and I-95, offers simple accessibility and connectivity to all the major employment markets in the area, including: Cypress Creek (5 minutes away), Coral Springs (15 minutes away), Boca Raton (17 minutes away), Downtown Fort Lauderdale (20 minutes away), Plantation/Sunrise (25 minutes away), Fort Lauderdale Airport (18 minutes away) and Port Everglades (23 minutes away).

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SEATTLE, WA – Security Properties bought Arbor Creek, a 440-unit, Class-B garden-style community located in Beaverton, OR for $84,300,000. This is Security Properties’ ninth asset in the Portland market.

Sitting 25 minutes west of downtown Portland, the area is best characterized by its suburban neighborhood feel and convenient access to the largest employers in the Portland MSA. Arbor Creek benefits from its accessibility off of SW Tualatin Valley Highway, the primary thoroughfare connecting Hillsboro and Beaverton. Within a 10 minute drive, residents have access to an array of grocers, Regal Cinemas, a MAX line, and the Tualatin Hills Nature Park. The park, sitting directly adjacent to the property, offers 5 miles of scenic wetland walking trails spread out over 222 acres.

Beaverton is renowned globally for being the home of Nike. Nike, whose world headquarters is located less than 10 minutes from the property, has been drastically expanding their campus. Nike’s employment in Oregon has increased by nearly 60% since 2007, bringing total employment in Beaverton to 8,500 and 56,500 worldwide. To accommodate the increased headcount, construction started on a $380 million, 3.2 million square foot expansion in January of 2015, and the project’s anticipated completion is slated for the end of 2018. Additionally, the largest employer in Oregon, Intel, has four campuses within 15 minutes of the property. Ronler Acres, their most regarded campus, serves as their largest concentration of facilities and talent in the world. 

The asset represents a heavy value-add investment. The units at Arbor Creek offer a mix of 1×1 and 2×2 floor plans. Current ownership has renovated approximately 80% of the units with upgraded cabinets, resurfaced counters, vinyl flooring, faux stainless steel appliances, and upgraded light fixtures. Security Properties will be improving the units by installing vinyl planks throughout, in addition to spraying the countertops. Security Properties will also be updating the clubhouse, revamping the pool deck and improving the outdoor common spaces.

Davis Vaughn, Senior Director of Investments at Security Properties says, “Arbor Creek was a target for our portfolio because of the clear value-add opportunity.  Additionally, with a significant supply-demand imbalance due to the suburban Portland job creation, Arbor Creek is well positioned for future growth.  We look forward to implementing our business plot and making value for our investors”

The property will be managed by Security Properties-affiliate Security Properties Residential.

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