Rincon Partners, LLC ("Rincon") is pleased to announce the acquisition of Decatur Flats Apartments (the "Property") in Decatur, GA on September 29, 2020 for $14.2 million. The Property is a 92-unit, Class B, multi-family apartment community constructed in 1988. The Property had just undergone over $2,000,000 in renovations, including the renovation of 87-unit interiors with stainless steel appliances, new cabinets, quartz countertops, and more. Amenity space upgrades included a complete renovation of the clubhouse and pool area. Rincon's business plan includes capitalizing on the under-market in-place rents for the recently renovated units, renovating and updating the building siding, and focusing on operating performance to capitalize on the strong Atlanta multifamily rental market.
The Property is located 10.5 miles east of the Atlanta CBD. Residents have direct access to Interstate 285, a major transportation corridor in the Atlanta MSA that encompasses the city. The Property is in close proximity to the Clifton Corridor, which is home to over 40,000 employees. The corridor includes powerhouse national and international leaders in healthcare, namely the CDC, Emory University Hospital, Winship Cancer Institute, and Children's Healthcare of Atlanta. The corridor is also home to Emory University.
Rincon is headquartered in Phoenix, AZ with an acquisition office in Atlanta, GA and targets opportunistic and value add multifamily and self-storage commercial real estate in the Southwestern and Southeastern United States.
For further information on new acquisitions and joint venture opportunities, please contact Jason Ottman, Chief Investment Officer, in our Phoenix, AZ office at (480) 378-2959.