Venterra Realty Acquires Georgia Apartments For $75M
DULUTH, Ga., Nov. 2, 2020
Venterra Realty acquires 372-unit community, The Maddox Apartments, in Duluth, GA
DULUTH, Ga., Nov. 2, 2020 /CNW/ -- Venterra Realty acquired The Maddox Apartments, in Duluth, Georgia on September 29, for $75M. The acquisition of the community marks the 60th property in Venterra's portfolio, and the first acquisition for Venterra Realty during the pandemic.
The Maddox is a Class A, garden-style property, hosting 372 units, that was built in 2007 and remains one of the newest and most desirable in the area. Located at 4370 Satellite Road, the property sits along the I-85 corridor, about 20 miles northeast of downtown Atlanta. The Maddox is also near the Gwinnett Place Mall, made famous as Starcourt Mall in Season 2 of the Netflix series Stranger Things.
The community offers five unique one-, two-, and three-bedroom apartments ranging in size from 946 sqft to 1422 sqft, with rents starting around $1275 per month. 45% of the units have updated interiors, featuring stainless steel appliances, granite countertops, and wood plank floors. The Maddox hosts a robust amenity package for the area, including a saltwater swimming pool, 24-hour fitness center, playground, on-site dog park, and accepts 3 pets per apartment. Floorplans, photos, and pricing can be found on the property's website at venterraliving.com/apartments/maddox/.
"We are excited to add another community in the greater Atlanta region, especially in Duluth, which adds an upward trending submarket to our Georgia portfolio. Duluth is the proverbial sweet spot; close enough for residents to commute into Atlanta, yet far enough away to provide a charismatic, suburban lifestyle. The property itself provides larger-than-average and unique floorplans which are a key attraction for current and future residents", said Ash Thakore, Asset Manager for Venterra Realty.
Venterra will continue to renovate the remaining 55% of units, with the same level of interior appliances and finishes. The municipality is currently working through the final stages of designing a park that will be adjacent to the property to the west, complete with walking trails and recreational amenities. The park will join directly to The Maddox via a walking path, adding a new amenity for residents.
"The Maddox offers a prime opportunity for Venterra to establish a presence in Duluth, where we previously did not have any holdings." said John Foresi, CEO of Venterra Realty. "The area offers a great suburban location with an affordable cost of living and superior education system. Venterra is continuously looking to break into new markets", added Andrew Stewart, Chairman of Venterra Realty.
Venterra Realty owns and manages 60 properties in 18 cities across the Southeastern US that provides housing to over 29,000 people and 5,000 pets. Venterra is committed to improving the lives of our residents by delivering an industry-leading customer experience. Venterra currently manages a portfolio of multi-family real estate assets totaling over $2 billion in value, generating gross annual income in excess of $200 million. The organization has completed in excess of $2.2 billion of real estate transactions.
Contact: Dror Goldberg, Executive Vice President of Acquisitions
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SOURCE Venterra Realty
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