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MARCH 05, 2022
Atlanta, Georgia – Jeronimo Hirschfeld, President and CEO of One Real Estate Investment (OREI), announced the purchase of a 367-unit apartment community in Austell, Georgia.
Azure at Riverside was built in 1979, and is located at 648 Whisper Lane, Austell, GA 30168. The asset is situated in the rapidly expanding Atlanta MSA, and is only 11 miles from downtown Atlanta. OREI intends to complete exterior and amenity enhancements including, but not limited to, leasing office renovations, pool area, new dog park, landscaping, and BBQ grills with picnic area. In addition to exteriors, OREI will implement an interior value-add program upgrading appliances, cabinets, lighting and plumbing fixtures, vinyl wood flooring, backsplashes, and resurfacing countertops.
One Real Estate Investment currently owns two other assets in the Northeast corridor of Atlanta, The Carter and The Aurora, totaling 580 units between them.
The deal was sourced through an off-market transaction in which a national brokerage firm presented Azure at Riverside to One Real Estate Investment, due to OREI’s presence in the Atlanta metro, strong reputation, and continuously proven ability to close. Through diligent negotiation, OREI was able to secure the property below the brokers BOV guide price.
“Azure at Riverside is a promising opportunity within the Northwest Atlanta submarket. The area is one we have been actively targeting to expand our footprint in,” stated Hirschfeld. “The property is located in the heart of the Fulton industrial corridor which offers nearly 30,000 industrial jobs, and will allow for great absorption of our strategic business plan and the subsequent improvement to the asset’s overall performance.”