SEPTEMBER 16th, 2022
Atlanta, Georgia – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 232-unit apartment community in Atlanta, Georgia. The Cobb Townhome Apartments marks the third acquisition in OREI’s ONE Azora Exan Multifamily Fund I, LP.
The Cobb Townhome Apartments was built in 1975 and is located at 7440 Riverside Pkwy, Austell, Georgia. The property is located only 12 miles from downtown Atlanta and situated in the heart of the booming Fulton Industrial Corridor, offering nearly 30,000 industrial jobs and approximately 52 million sq ft of industrial warehouses / distribution space.
The business plan involves over $4.5 million of capital investment over the hold period through extensive interior and exterior renovations. As part of the modernization of the property, OREI will make upgrades to the clubhouse and pool, landscaping, Amazon package lockers, pergola and outdoor kitchen, dog park and overall rebranding of the asset. The property benefits from multiple unit types which will also be upgraded to include stainless steel appliances, new cabinets, kitchen tile backsplashes, vinyl flooring, laminate counters, updated lighting and plumbing fixtures.
The Cobb Townhome Apartments was sourced fully off-market through an existing relationship with the broker. Given OREI’s experience in Austell with Azure at Riverside 1.5 miles away from the asset, the seller felt confident with our strategy and ability to close.
“Austell is a familiar market for OREI and we very excited to take on yet another project here” stated Hirschfeld. “We are very confident in our business plan to reposition this asset into one of the top communities in the area.”