Transaction marks company’s second community in “The Tar Heel State”
ATLANTA (November 12, 2019) – Audubon, an Atlanta-based firm specializing in the acquisition and management of multifamily properties throughout the Southeastern region of the U.S., announced the purchase of the 180 West Apartments in Carrboro, North Carolina, on Nov. 1, adding 250 units to its growing portfolio that now includes over 5,800 throughout the Southeast.
The property will be renamed Trinity at The Hill and showcases Audubon’s dedicated commitment to grow its footprint in the Carolinas. This transaction also serves as an example of Audubon’s continued focus on acquiring workforce housing and transforming older properties into communities with outstanding value.
“As we continue to grow our presence throughout the Southeast, we are excited about this opportunity to become further entrenched in North Carolina,” said Chris Edwards, managing partner at Audubon. “Since only one new rental community has been built in Carrboro in the last 20 years, we see it as an extremely attractive market with room to grow.”
Sitting on a spacious 46 acres and only two miles from the University of North Carolina in Chapel Hill, the community was built in 1983 and hasn’t been renovated since, allowing Audubon the ability to truly reimagine the property through a substantial capital improvement program.
Plans for exterior renovations include installing new Hardie cementitious siding, new windows and converting the existing sliding glass doors to French doors. Substantial in-unit improvements will include upgraded kitchens with granite countertops and stainless-steel appliances, vinyl plank flooring, remodeled bathrooms, and new washer and dryer sets. Additionally, the clubhouse building will be completely remodeled, including a new resident lounge, mail room and expanded fitness center.
This transaction marks the sixth joint venture between Audubon and Legacy Capital Partners of Cleveland, Ohio, with Joe Hercenberg from Walker & Dunlop securing bridge loan financing from an affiliate of Pine River Capital Management.
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 30,000 apartment units, Audubon has a wide range of experience and expertise in repositioning multifamily assets. For more information, please visit http://www.acmapts.com.