New York, NY – Dunross Capital is pleased to announce the acquisition of The Enclave at 38FiftyNine, a 118-unit multi-family apartment complex in Atlanta, Georgia. Located in the DeKalb submarket, this will be the firm’s second property acquisition in Atlanta and represents it’s fourth acquisition for 2018. The property was acquired with a partner, Austin Sureste Partners for a total purchase price of $5,458,662 or $46,260/unit. Dunross Capital and its partners have acquired a total of 517 units in 2018 and are targeting for acquisition an additional 1,500 units in 2019.
The strategic plan for The Enclave at 38FiftyNine is to implement a comprehensive renovation package to better position the property to tenants in this high-growth submarket of metro Atlanta. Austin Sureste Partners anticipates utilizing economies of scale by sharing management and operations staff with its sister property The Enclave at Covington which is only two miles away.
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 as well as the Decatur and DeKalb submarkets. 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 growing our portfolio of workforce multi-family properties in and around Atlanta” stated Michael Crow, CEO of Dunross Capital.