The Pynes

Atlanta, GA

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INVEST

Number Of Units

267

Acquisition Price

$43,600,000

Acquisition Date

July 28th 2022

Hold Period

3 years

Project Level IRR
Project Level EM

Property Photos

Investment Highlights

After Conducting Due Diligence and Given the current economic headwinds, Trion Properties secured a $12 Million Purchase Price Reduction.

Premier Location:
Atlanta is one of the fastest-growing rental markets in the nation. Azure at Riverside is located less than 20 minutes from Downtown, Hartsfield Jackson International Airport, and more than 60 million SF of industrial space, much of which is concentrated immediately adjacent to the property along the primary regional transportation corridor.

Value-Add Strategy:
We intend to fully renovate approximately 50% of all units budgeted at $1.89 million ($13,922 / renovated unit). We have budgeted roughly $1.86 million to upgrade and paint the exteriors, enhance the landscaping, resurface the parking lot, refinish the pool, and add new signage. These upgrades should enable us to quickly roll rent from the current average of $968/month to $1,550/month upon completion of renovations. These post-renovation rents are well supported by renovated comparable.

Favorable Purchase Price
Trion was able to secure the off-market transaction and negotiate a $12 million discount from the original contract and secure an extremely favorable transaction price. Trion is purchasing the asset at $163,296/unit well below the $237,200 average price of comparable sales.
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HubSpot Contact Form
An accredited investor must meet one of the following: 1) An annual income of at least $200,000, or $300,000 when combined with spouse’s income; 2) Holds a valid Series 7, 65, or 82 license; 3) Has a net worth of >$1 million, excluding value of a primary residence.


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