RangeWater JV Acquires $60M Atlanta Asset

A partnership between RangeWater Real Estate and Nippon Steel Kowa Real Estate has acquired Avana Druid Hills, a 228-unit community in Decatur, Ga. Metzler Real Estate represented the buyers in the transaction. According to Yardi Matrix, the companies bought the property from Greystar, for $60.2 million. The same source shows the asset previously traded three years ago, for $42 million.

To be rebranded as The Dakota at Druid Hills, the community came online in 1985 at 3471 N. Druid Hills Road. The 19-acre property features one- and two-bedroom floorplans across 28 two- and three-story buildings. Apartments encompass separate dining, living and laundry rooms, together with balconies, patios and gas fireplaces. Common-area amenities include a business center, playground, pool and fitness center, as well as private tennis courts and picnic areas.

RangeWater plans to add more amenities to the property and invest in interior upgrades. Improvements will include the conversion of some of the two-bedroom units into three-bedroom apartments.

The garden-style community is some 11 miles from downtown Atlanta, having access to Druid Hills area’s most sought-after sites. Various retail and dining options, as well as entertainment venues, are nearby. Emory University and the Centers for Disease Control are also in the proximity of the property.

The Sun Belt still lures

RangeWater Chairman & CEO Steven Shores stated, in prepared remarks, that the company is committed to meeting the growing demand for apartments across the Sun Belt. According to Yardi Matrix, the company’s portfolio comprises more than 12,000 units in Florida, Georgia, Texas, Tennessee, Colorado and the Carolinas; one of the newest additions is Tradition at Palm Aire, a 248-unit luxury community in Sarasota, Fla.

In terms of multifamily development, RangeWater recently expanded its Florida portfolio with the groundbreaking of Tortola, a 288-unit project in Tampa. The firm also started construction on its second single-family rental community this month.