The Enclave At Covington
New York, NY – December 2018 – 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.
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