Quad Property Group Enters Atlanta Market with Purchase of Apartment Complex.
Summit Avondale, a 156-unit apartment complex, is located in suburban Avondale Estates
New York, NY – An affiliate of Quad Property Group, a New York based real estate investment firm, has acquired Summit Avondale, a 156-unit apartment community in suburban Atlanta, for $12.48 million. The transaction closed on April 30th and represents the company’s first acquisition in the Atlanta metro area.
Summit Avondale is located at 3548 Rockbridge Road in Avondale Estates, adjacent to I-285. With its location along the perimeter and being situated just east of Decatur, the complex is proximate to major employment centers, universities, shopping and entertainment venues throughout metro Atlanta.
Composed entirely of two bedroom, two bathroom apartments, Summit Avondale also features a swimming pool, fitness center, clubhouse, playground and sports court, along with other resident amenities. The complex, which was built in 1985, was 97% occupied at the time of the sale.
Jariel Bortnick, a principal at Quad Property Group, stated that the acquisition of Summit Avondale represents an ideal entry for the company into the Atlanta market.
“With its location next to I-285, in a rapidly improving stretch of Avondale Estates, the property is poised to capitalize on the incredible population and job growth in Atlanta,” Bortnick said.
Bortnick also noted that the company plans extensive upgrades for Summit Avondale, to include significant modernization of the facades, along with enhanced amenity spaces and updated unit interiors. “We plan on making significant investments at Summit Avondale that will considerably improve the property and the resident experience, both inside individual apartments and throughout the community.”
According to Michael Kashan, also a principal at Quad Property Group, the company expects to acquire additional Atlanta-area apartment complexes.
“Atlanta’s growth and innovation are incredibly impressive and show no signs of slowing down,” Kashan said. “We want to be a part of the area’s exciting future and expect to make additional acquisitions shortly.”
Quad Property Group is a real estate investment firm that specializes in the ownership, redevelopment and management of multifamily property. The company’s extensive experience and hands-on, proactive approach to real estate challenges makes the company uniquely suited to add significant value. For more information, visit the company’s website at www.quadpropertygroup.com.