Azalea Park Apartments
New York, NY – October 2018 – Dunross Capital is pleased to announce the acquisition of Azalea Park Apartments, a 200-unit multifamily apartment complex in Augusta, Georgia. Located in the Central Augusta area within Augusta, GA, this will be the firm’s second property acquisition in Augusta and represents it’s second acquisition for 2018. The property was acquired with a partner, Azalea Sureste Partners along with Dunross Capital for a total purchase price of $7,575,000 or $37,875/unit.
The strategic plan for Azalea Park Apartments is to implement a mild renovation package to better position the property to tenants in the submarket. The property is well-suited for our target of family-oriented properties. In addition to the planned interior renovations, Dunross Capital and Azalea Sureste Partners are implementing a plan to create WIFI lounges, a playground and numerous sitting areas for the tenants to create a favorable atmosphere for the families living at 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 strategies for this property. “As evidence of our bullish analysis on the Augusta metro area and along with our clients and partners, we are continuing to actively pursue other potential acquisitions in the market to add to our growing portfolio in the area” stated Michael Crow, CEO of Dunross Capital.
Dunross Capital is a NYC based real estate merchant bank focused on acquiring and structuring multi-family real estate in partnership with its clients where Dunross Capital acts as an advisor and co-investor in the deal. Dunross Capital targets for acquisitions multi-family properties in the Southeastern United States which can be acquired for below 40 percent of its replacement cost and in areas which are showing increased economic and population trends. Dunross Capital also targets for acquisitions distressed properties throughout the United States.
For more information please contact:
David Propis, Managing Director
260 West 39th Street Suite 402
New York NY 10018