Pair of Value-Add Multifamily Assets Trade for $24.8 Million in Atlanta
Wednesday, October 13th, 2021
Zevulon Capital, Inc. announces it has sold two apartment communities in Austell, Georgia: Midwood Hills, a 100-unit complex at 420 Shenandoah Trail, and Midwood View, a 120-unit property at 325 Riverside Parkway. An Atlanta-based investment firm acquired the assets for $24.8 million, or $112,727 per unit.
Zevulon purchased the properties last year for $14.3 million, or $65,000 per unit. The disposition yielded a 108% return for Zevulon’s investors in less than 18 months.
The apartment communities are minutes away from the Six Flags Over Georgia theme park and the Fulton County Executive Airport, and a short drive to major employment centers in Downtown, Midtown, Westside and Buckhead.
In partnership with its in-house property management and construction teams, Zevulon made major improvements to reposition the properties, including exterior and interior upgrades, and landscape enhancements. These capital improvements dramatically increased the community’s appeal, allowing the firm to quickly bring rents to market and achieve premium rates on renovated units
“Our strategic repositioning plan transformed the properties for residents and delivered outsize returns for our investors,” said Levi Polter, Zevulon Capital Principal.