SEPTEMBER 22, 2022
Atlanta, Georgia – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announces the sale of a 267-unit apartment community in Austell, Georgia.
Azure at Riverside was acquired by OREI as an off-market opportunity in May 2021 during the midst of challenging debt and equity markets due to COVID-19. At acquisition, OREI brought in one of the top multifamily operators in Atlanta, First Communities, to help execute our business plan of repositioning the property. During the hold period, OREI completed several exterior improvements at the property including an Amazon package locker room, upgraded pool and clubhouse, and remediated numerous deferred maintenance issues across the property. Completing these projects, as well as implementing revenue management software, allowed for a 20% increase in average in place rents over a 10-month period.
OREI was approached by a buyer through an existing relationship who was interested in acquiring their first multifamily asset in Atlanta. While our business plan assumed a 5-year hold, an offer to purchase the property was presented which exceeded our projected exit value, and was a result of strong operating performance. A sale agreement was completed in mid Q2 2022, and Azure at Riverside officially transacted on September 21st, 2022.
“Atlanta is one of the strongest performing markets in our portfolio” stated Hirschfeld. “Azure at Riverside showcases our ability to time a market in uncertainty and execute a gameplan to deliver returns exceeding our original projections for our investors.”