APRIL 20, 2023
Atlanta, Georgia – Jeronimo Hirschfeld, President, and CEO of One Real Estate Investment (OREI), announced the purchase of a 210-unit apartment community in Atlanta, Georgia. Elite Crossing marks the fourth acquisition in OREI’s $250,000,000 ONE Azora Exan Multifamily Fund I, LP.
Elite X-ing was built in 1989 and is located at 10 Creste Dr, Decatur, Georgia. The property is located in Dekalb county, which houses 10% of the city of Atlanta’s population.
The business plan involves nearly $2 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, package lockers, pergola and outdoor kitchen, dog park, fitness center and overall rebranding of the asset.
OREI was presented with Elite Crossing in March of 2022 when it was originally marketed. The property ultimately fell out of contract due to the previous buyer’s inability to procure debt. To revitalize the deal, Taylor Brown and his team at GREA, reached back out to Alexander Rose and Eric Savir at OREI. With the help of Maggie Burke at Capital One in navigating a turbulent debt market, several rounds of negotiation, and eight months later, the Seller accepted OREI’s off-market offer.
“OREI has had successful investments in Atlanta that have gone through the full cycle, and we are excited to build our Southeast portfolio with another asset in this market” stated Hirschfeld. “Through a robust capital budget, OREI will be able to reposition the property to maximize value for its residents and investors and turnaround a mismanaged asset”.