Audubon, an Atlanta-based real estate firm specializing in the acquisition and management of multifamily properties, announced it has closed on the purchase of Square One Apartments in Sandy Springs, Ga.

Constructed in 2017, the community will be immediately renamed The Margo. The total cost of the 203-unit acquisition was $59.25 million, translating to $291,872 per apartment.

“Given how recently it was built, The Margo is already in terrific shape,” said Myles Cunningham, chief investment officer for Audubon. “Nonetheless, we are planning significant upgrades to truly make it one of the best places to live in Metro Atlanta.”

A wide-ranging, $1.35 million capital improvement plan will begin immediately, highlighted by an $800,000 overhaul of the amenity offerings, including a refreshed club room, fitness center, pool deck, leasing center, dog park and new yoga studio. Additionally, $350,000 will be spent on exterior improvements, including new paint, signage and general rebranding, while $200,000 will be set aside for interior work, including completely redone hallways.

“It’s no secret Atlanta’s exploding growth has created numerous opportunities for renters, and the Sandy Springs area is one of the most in-demand submarkets,” added Cunningham. “With a limitless list of great restaurants, diverse shopping experiences and a new Whole Foods in walking distance, we are very confident this will prove to be an outstanding asset for us and our investors.”

KeyBank was responsible for securing the financing for Audubon on this transaction, which became the 22^nd property currently in its profile and 12^th in Georgia. Learn more about this community and Audubon’s overall portfolio by visiting acmapts.com.