Auerbach Funds and Atlantica Properties Sell Out Single Home Portfolio While Providing Housing to First Time Homebuyers
ATLANTA, Sept. 30, 2021 /PRNewswire/ -- A joint venture between the Auerbach Opportunity Fund II, LP ("Auerbach Funds") and Atlantica Properties ("Atlantica") has sold the last home in its single-home portfolio, originally purchased from the Housing Development Corporation ("HDC") of DeKalb County, Georgia.
Upon acquisition of the portfolio, Atlantica contacted each renter and offered them an opportunity to purchase the home at fair market value. If the tenant declined to purchase the home, they could remain until the end of their lease term or move to a month-to-month lease until they found another affordable rental option.
Peter Auerbach, Managing Member of Auerbach Funds says, "Our Funds have a strong business and personal relationship with Darion and Trent Dunn of Atlantica Properties. To date, we have worked on four separate transactions representing more than 500,000 square feet. One of our prime objectives is to 'do well by doing good'; this investment was a testament to the ability to do both. The portfolio was extraordinarily successful on a return basis, and we feel that everyone, from our investors, to the community, and to the end buyers ended up with a victory."
"The process was not easy, especially since we received offers from investors who were offering cash," said Darion Dunn, managing partner of Atlantica Properties. "However, we wanted to make a positive impact on the community by preserving affordability and neighborhood stability, and we feel like we accomplished that," he added.
About Atlantica Properties
Founded in 2010 by brothers Darion and Trenton Dunn, Atlantica Properties is a real estate investment and property management company with a mission to empower individuals by establishing thriving, holistic communities. Focusing on workforce housing in emerging markets, Atlantica Properties uses hands-on strategies to acquire and manage single-family and multifamily properties in metro Atlanta. To learn more, visit www.atlanticaproperties.com.
About Auerbach Funds
Auerbach Funds is a privately held real estate investment firm currently operating three closed-end Private Equity Funds. Auerbach has acquired 27 assets/portfolios in eleven states throughout the United States comprising over 4 million square feet. Auerbach Funds aims to partner with reliable and experienced operating partners to utilize their local expertise, relationships, and deal flow to create diversification and opportunity for its investors. To learn more, visit www.auerbachfunds.com.
For more information visit: www.auerbachfunds.com
Media Contact:
Auerbach Investor Relations
[email protected]
646.992.4667
SOURCE Auerbach Funds
Share this article