New York, NY – Dunross Capital is pleased to announce the acquisition of Forest Ridge Apartments, a 75-unit multi-family apartment complex in Augusta, Georgia. The property is located in the South Richmond County area of Augusta, GA. This will be the firm’s first property acquisition in Augusta and represents it’s first acquisition for 2018. The property was acquired with a partner, Sureste Partners for a total purchase price of $2,774,000 or $36,986/unit.
The strategic plan for Forest Ridge is to implement a heavy renovation package to better position the property to tenants in the submarket. Located near two major interstates, Forest Ridge Apartments offers simplicity of living to the heavy industry and trucking industries, all of which are local to the property.
The area around the property has witnessed favorable rent and population growth trends in and around Augusta, further supporting the implemented rehabilitation and rent growth strategy for this property. “We remain bullish on the Augusta metro area and along with our clients and partners, we are actively pursuing other potential acquisitions in the market” stated Michael Crow, CEO of Dunross Capital.