Atlanta-based firm acquires two communities with nearly 400 units
Audubon, an Atlanta-based real estate firm specializing in the acquisition and management of multifamily properties, announced it has closed on the purchase of Saddle Creek on Washington and Creekside at Augusta West, both located in Augusta, GA. With these additions, Audubon now owns and manages a 22-property portfolio containing more than 6,000 units throughout the Southeast.
Creekside at Augusta West is a sprawling community featuring 192 units on 35.3 acres of land, whereas Saddle Creek on Washington contains the same number of units covering a 14.6-acre footprint. Both properties were constructed in 2003 and are positioned in a rapidly growing part of the Southeastern market with many desirable attributes, including easy access to major highways.
“We are excited to enter the Augusta market through our acquisition of Saddle Creek and Creekside, two properties with a long history of serving this region well,” said Myles Cunningham, chief investment officer for Audubon. “While it’s clear these communities are already in pristine condition, we are undertaking a significant capital improvement plan that will elevate them to another level for both current and future residents.”
In the first 12 months, Audubon plans to focus on amenity upgrades such as new outdoor grills and package lockers. This will also include investments in new landscaping, fencing, stripe and sealcoating, and signage, as both properties will be rebranded. Over a 24-month period, plans include fully renovating the interiors of nearly half the units, bringing new countertops, finishes, appliances, fixtures and more.
About Audubon
Audubon is an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeastern region of the United States. With a senior staff that has collectively acquired, managed and renovated more than 50,000 apartment units, Audubon has a wide range of experience and expertise in repositioning multifamily assets. For more information, please visit http://www.acmapts.com.
