The Pynes (formerly Azure at Riverside)
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Number Of Units
After Conducting Due Diligence and Given the current economic headwinds, Trion Properties secured a $12 Million Purchase Price Reduction.
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.
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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