Location: 2700 Park Crossing Way NW, Lilburn, Georgia 30047
Year Built: 1985
Acquisition Date: 5/20/2019
The Aurora at Twenty Seven is located in Gwinnett County, Lilburn, Georgia in the Atlanta Metro. The well connected area is a logistics hub with over 13M square feet of industrial. More than 120 headquarters are based in Gwinnett County, including Fortune 500 firms such as NCR, AGCO, and RockTenn.
Gwinnett County boasts a population of 920,600 and a 3.5% unemployment rate, and is home to Atlanta’s largest public school system and third largest in the U.S.
OREI raised current in place rents of $.87 per square foot to $1.07 per square foot which resulted in a $148 average premium over in place rents and stabilized occupancy at 95%.
Interior CapEx $4,000 per unit and a projected 30% return on cost. Approximately $550K in exterior improvements to enhance paint, signage, asphalt, and amenities.