Acquisition, reposition and disposition of highly coveted value-add community in high barrier to entry submarket.
RangeWater acquired the 800-unit property in 2018 in Alpharetta, a prominent technology-heavy suburb of Atlanta. Built in 1997, The Avery is just minutes from Avalon – Metro Atlanta’s most celebrated mixed-use development featuring Whole Foods, chef-driven restaurants, Tesla showroom and 655k SF of office space anchored by Microsoft.
Acquire, rebrand and renovate the community to deliver a more compelling product.
RangeWater updated 43% of units with stainless steel appliances, new shaker-style cabinetry, tile backsplash, granite countertops, new hardware and fixtures, and vinyl plank flooring throughout the kitchen, bath and living areas ($15.7k per unit investment). The firm also deployed a $2M common area and amenity improvement plan including full exterior paint, clubhouse renovation and tennis court conversion to a multi-purpose greenspace.
In collaboration with RangeWater’s property management company, stabilized revenues increased $1.5M. The Avery was sold in 2021 with 23.07% IRR and 1.89x EM.