PROJECTED INVESTOR LEVEL IRR 17.26% | PROJECTED INVESTOR LEVEL EM 1.61x
Constructed in 1979, Azure at Riverside consists of 267 one-, two-, and three-bedroom apartment units averaging 1,014 square feet. The community is comprised of fifteen three-story wood-frame buildings, a clubhouse, and a pool deck with a sports court. More than $6 million has recently been invested into the property and the property benefits from new roofs, siding, windows, etc.
Azure is in the Cumberland/Galleria submarket, less than 20 minutes drive from downtown Atlanta and close to multiple major shopping destinations including The Battery Mixed Use complex and Hartfield Jackson International Airport (ATL). The surrounding Atlanta MSA is the largest employment hub for residents and has been recognized as one of the top 40 in the world, with an economy greater than $430 billion, with 2.8 million jobs.
Webinar Thursday / June 2, 2022 / 11:00am PT / 2:00pm ET / Investment Highlights
- 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: Approximately half of the unit interiors have been lightly renovated over the last several years. Trion will execute full renovations in all units and has estimated a budget of roughly $3.3 million ($12,388/unit). We have budgeted more than $1.3 million to upgrade the exteriors with renovations including enhanced landscaping, parking lot resurfacing, pool refinishing, new signage, and a dog park. Prevailing market rents at comparable properties present an opportunity to quickly roll units from an average of $968 at the Property to significantly higher market rates closer to $1,585 upon completion of renovations.
- Favorable Purchase Price
Trion was able to secure the off-market transaction through leverage of personal networks to avoid a marketed process and thus secure a favorable transaction price.Trion is purchasing the asset at $204,944/unit well below the $237,200 average price of comparable sales. Rents have increased over 20% YoY in the market
The Full PPM Will Be Available and Commitments Will Be Accepted at the Conclusion of the Webinar
No. of Units 267
Acquisition Price $54,720,000
Hold Period 3 years