 |
| Myles Cunningham |
ATLANTA, GA (July 27,
2017) – Audubon Communities, an Atlanta-based company specializing in the
acquisition and management of multifamily properties throughout the Southeast,
has purchased the 292-unit Lenox Park
complex in rapidly growing Gainesville, Georgia for $22 million. The
property will be renamed Peaks at Gainesville.
Audubon plans to invest
nearly $3 million in improvements to the property, which was built in 2000 and
consists primarily of large two- and three-bedroom apartments that average
1,100 square feet, making it ideal for families and roommate living arrangements.
“Gainesville is a highly
desirable market because of its strong population and job growth,” said Myles Cunningham, Audubon’s vice
president of acquisitions. “Lenox Park was a quality property in a great
location. It was an attractive investment, and we believe the renamed Peaks at
Gainesville will be a big success.”
The population in the
Gainesville area has grown more than 40 percent since the 2000 Census.
Employment grew 6.2 percent in 2015, easily the fastest rate in the state and
the third-fastest in the South. Employment is anchored by Northeast Georgia
Health System, which employs more than 7,000 people. Hall County is home to
300-plus manufacturing and processing businesses, and 46 international
companies representing 18 nations.
 |
| Christopher Edwards |
§ Upgrades to the leasing office, pool and
other amenity areas
§ Addition of a fitness center
§ Renovation and expansion of the existing
playground
§ New fiber-cement siding
§ New lighting, exterior paint and signage
§ Correcting drainage and erosion issues and
installing new landscaping
“We’re confident the
investments we’re making to improve the property will be appreciated by current
residents and be a great selling point for our leasing staff going forward,”
said Christopher Edwards, Audubon’s
managing director.
For a complete copy of the company’s news release,
please contact:
Gary Tanner
The Wilbert Group
678-677-9754
No comments:
Post a Comment