ATLANTA, GA, (Aug, 9, 2010) – Cortland Partners, an Atlanta-based multifamily real estate firm, is bringing new life to a distressed DeKalb County, Georgia, apartment community.
On July 22, Cortland closed on the funding for a $9.5 million renovation of a multifamily community the firm purchased at foreclosure in April.
The amount includes a $3.2 million construction loan from State Bank and Trust Company and $4.9 million in Neighborhood Stabilization Program (NSP) funds. This is the first time NSP funds have been used for a multifamily property in DeKalb.
The 168-unit property, to be named
Avalon on Montreal, is located at 1086 Montreal Road. Cortland acquired the foreclosed community, formerly named
Cedar Pines Apartments, April 6 for a little over $1 million.
Several buildings had fire and water damage, and one-quarter of the apartments were occupied. The firm immediately began working with the DeKalb County Community Development Department to secure the needed funding for the revitalization.
“Purchased below historic land values, this property was on its way to demolition if we weren’t able to bring this exciting project together with the help of State Bank and Trust and DeKalb County,” said Cortland Partners president
Steven DeFrancis. “While the renovation will be a challenge, the final result will be a great improvement for the residents and the neighborhood. It will look brand new inside and out.”
The renovation, now underway, will take 12 months. Plans for the interiors include new cabinets, appliances, plumbing and electrical fixtures, floors and finishes. The clubhouse will be renovated and expanded, the swimming pool will be re-done and an old tennis court will become a playground and community area. Exteriors will be modernized with new siding and roof designs.
“The ‘contemporary’ roof lines of the 1970s never caught on with the general public, so the renovation includes the significant realignment of windows, added columns and covered balconies,” said architect
George Rees of Rees Designs.
“The exteriors, once renovated, will prove to be more timeless and current in a transitional modern style.”
“Despite the project’s condition, many long-term residents still live there,” DeFrancis added. “We’re excited to provide them with a better place to live. This is their home, and we look forward to redefining this community together.”
DeFrancis says the acquisition and renovation are also good business moves.
“Avalon is a great fit for Cortland’s acquisition strategy. It has large two- three- and four-bedroom floor plans, and the majority of the apartments are two-story townhomes. The unit mix is ideal for families.”
The property has a great close-in location, just outside I-285 near Highway 78 (Stone Mountain Freeway).
It is also just a few miles from I-85. The
Emory University Orthopaedics & Spine Hospital (lower right photo) is practically next door.
The Neighborhood Stabilization Program (NSP) was established to stabilize communities that suffer from foreclosures and abandonment. It's part of the 2008 Housing and Economic Recovery Act which provides grants to state and local governments.
Cortland Partners also has several other projects underway. On July 12 it purchased and began renovating Northchase Apartments in Dunwoody, Georgia for $15.2 million. It also recently announced that the $25 million first phase of construction is underway on West M Apartments in Lake Charles, Louisiana. Several more deals are in the pipeline.
Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell)
http://www.territhornton.com/,
www.twitter.com/Ttho
