January 14, 2020 – Audubon, an Atlanta-based real estate firm specializing in the acquisition and management of multifamily properties, announced last Friday they have closed on the purchase of Oak Hill Apartments in Athens, GA. Following this acquisition, Audubon now owns and manages a 25-property portfolio containing more than 6,000 units throughout the Southeast.
“Considering it’s only two miles from the University of Georgia campus, Oak Hill fits perfectly with our continued focus on workforce housing in great locations,” said Chris Edwards, managing partner at Audubon. “Over the past 15 years, the City of Athens has only approved a handful of new market-rate housing developments, so this limited new supply makes multifamily properties in this college town particularly attractive for a value-add enhancement program.”
Sitting on 13.6 acres on Oak Hill Dr., the 220-unit community was built in 2003 and has not seen renovations since its construction. Around 75% of the complex is comprised of two- and three-bedroom units, with the average floor plan measuring a spacious 1,055 square feet.
Audubon is planning to improve the curb appeal of the existing property by painting building exteriors, making sweeping landscaping changes and adding new signage and security gates at the front entrance. In addition, the clubhouse building will be completely transformed to provide a better experience for residents. The new lounge will offer complimentary coffee and Wi-Fi; the fitness center will be expanded to include a yoga area, and a new mailroom will include a package center for residents.
Renovations will also take place on roughly 60% of the interiors. These units will receive contemporary, “Class A” finishes such as new cabinets, stainless steel appliances, vinyl plank flooring and new fixtures including low-flow water-saving devices. Following the completion of this extensive capital improvement program, the community will be christened with a new name and personality.
Joe Hercenberg from Walker & Dunlop secured the bridge loan financing from an affiliate of Bridge Investment Group.