ATLANTA and GREENSBORO, N.C., Oct. 18, 2018 /PRNewswire/ -- A portfolio of market rate apartment communities valued at over $13.5mm, comprising 380 units totaling approximately 384,000 SF in Atlanta, Georgia and Greensboro, North Carolina was purchased by a partnership of New York-based Auerbach Funds as general partner of Auerbach Opportunity Fund, I LP and Boston-based Nicas Group Capital. Auerbach Funds is a real estate private equity fund manager with over 2.1 million square feet under management in 8 states throughout the continental United States. Nicas Group is an integrated real estate investment and management company that provides acquisition, asset management and property management services.
The properties in the portfolio include Autumn Ridge, comprised of 134 units located at 4969 Central Drive, Stone Mountain, GA 33083; Pine Hill, comprised of 106 units located at 685 Rountree Road, Riverdale, GA 30274; and Timber Hollow, comprised of 140 units located at 3200 Trent Street #A, Greensboro, NC 27405. The assets were purchased for $5.90 million, $4.00 million and $3.85 million respectively. The Partnership will also invest into capital improvements and interior and exterior upgrades for the properties. The renovations will include enhanced security systems, necessary roof and mechanical repairs, landscaping, driveway and common area improvements, and substantial cosmetic upgrades to the apartment units complete with brand new appliances.
Nicholas Leap, Principal of Nicas Group Capital, stated, "We believe in the growth of both the Atlanta and Greensboro MSA, and are excited for the opportunity to participate in the economic development of the areas and enhance the quality of life for our tenants by bringing a sense of community back to the assets."
Peter Auerbach, founder and CEO of Auerbach Funds, stated, "We look forward to our partnership with Nicholas Leap and Nicas Group Capital. Together, our companies share a common mission of 'doing well by doing good' and these properties provide an excellent platform for this endeavor. By marrying the interests of our business plan and our investors with the interests of our residents, we believe this investment will have a positive impact for all involved."
For Auerbach Funds, this acquisition represents its third and fourth assets in Atlanta, bringing the total multifamily units in the Atlanta area controlled by Auerbach Funds to 536, and its first asset in Greensboro.
Media Contact: Diana Davidson, (646) 992-4670, [email protected]hfunds.com
SOURCE Auerbach Funds