New York, NY – Dunross Capital is pleased to announce the acquisition of The Enclave at Covington, a 124-unit multifamily apartment complex in Atlanta, Georgia. Located in the Decatur submarket, this will be the firm’s first property acquisition in Atlanta and represents it’s third acquisition for 2018. The property was acquired with a partner, Covington Sureste Partners for a total purchase price of $6,291,338 or $44,619/unit.
The strategic plan for The Enclave at Covington is to implement a comprehensive renovation package to better position the property to tenants in this high-growth submarket. Covington Sureste Partners anticipates utilizing economies of scale by sharing management and operations staff with its sister property The Enclave at 38FiftyNine.
The area around the property is undergoing a positive economic change and has witnessed favorable rent and population growth trends in the metro Atlanta beltway region. These trends further support the planned rehabilitation and rent increase strategy being implemented. “We have been evaluating the Atlanta metro area for some time and along with our clients and partners, we are closing on other acquisitions in the market shortly” stated Michael Crow, CEO of Dunross Capital.