ATLANTA (Sept. 14, 2022) – RangeWater Real Estate and Nippon Steel Kowa Real Estate (NSKRE) advised by Metzler Real Estate have acquired an expansive apartment community in metro Atlanta.
The collective purchased Avana Druid Hills, which will be renamed The Dakota at Druid Hills, located at 3471 N. Druid Hills Road in Decatur. This is part of the multifamily real estate company RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt.
“RangeWater is committed to meeting the growing apartment demand across the Sun Belt,” said RangeWater’s President and CEO Steven Shores. “Our acquisitions team is always looking for opportunities to purchase well-maintained communities and add value by way of renovations and upgrades, as well as strong partners like NSKRE to carry out the business plan. The Dakota at Druid Hills provides a great foundation that aligns within our strategic efforts to enhance the lives of those who call it home.”
Decatur’s Druid Hills area is one of Atlanta’s first suburbs, and is extremely popular with its tree-lined streets, shops, movie theaters and location convenient to Emory University and the Centers for Disease Control. The garden-style community was built in 1985 and has 228 units.
“The Dakota is a great addition to our local portfolio of communities,” said RangeWater Director of Acquisitions Josh Colter. “The Druid Hills neighborhood is particularly popular with Emory doctors, staff and students, Center for Disease Control employees and numerous Fortune 1,000 companies. We look forward to inviting new residents to join our community and enriching the lives of those who already call it home.”
RangeWater will continue to add to the many sought-after amenities at The Dakotadesired by today’s tenants, particularly with so many more people working from home or spending leisure time outside enjoying Georgia’s great weather. Current features include an outdoor pavilion, kitchen, and picnic areas, a pool, private tennis courts, fitness center, car care center, business center and an updated clubhouse.
Inside, the apartments offer large rooms including separate dining, living and laundry rooms, outdoor balconies and patios, and gas fireplaces. Those units with a bonus room will be converted into three-bedroom apartments. RangeWater will invest in improvements to the interiors so the property will maintain a competitive advantage.
“Some of our two-bedroom apartment homes will be transformed into three bedrooms to address this underserved need in the Druid Hills submarket,” added Colter. “That alone made this acquisition a very compelling investment for RangeWater.”
Privately owned RangeWater was founded in 2006. The company acquires, develops, manages, and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio. Georgia is RangeWater’s largest market, followed by Florida. The company is quickly growing into the Mountain West and Southwest.
About RangeWater Real Estate
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents, and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 32,000 multifamily units since its inception in 2006 representing in excess of $6.3 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 93,000 multifamily units across 11 states. With offices in Atlanta, Dallas, Denver, Tampa, and Salt Lake City, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.
About Nippon Steel Kowa Real Estate
Nippon Steel Kowa Real Estate Co., Ltd. (“NSKRE”), is a leading Japanese developer, owner, and operator of commercial and residential properties with 70 years’ history. The Tokyo-based company re-entered the US real estate market. For more information about NSKRE, please visit https://www.nskre.co.jp/english/.
About Metzler Real Estate
Metzler Real Estate (Metzler) has more than 40 years of experience delivering exceptional investment results throughout the U.S., driven by its expert knowledge and creative approach. For more information about Metzler Real Estate, please visit www.metzlerna.com.