In joint venture with CREC Real Estate, a private equity real estate company, McDowell Properties has acquired Somerset at the Crossings in Tucker, GA, a high growth location strategically located within the Atlanta MSA, just 15 miles of downtown. The property resides in short proximity to Heritage Golf Links, Northlake Shopping Mall, and several other retail and commercial staples. Atlanta is home to major employers such Delta Airlines, Marriott International, UPS, and Coca Cola, as well as several major healthcare providers. Airbnb has also recently relocated one of its technical hubs to the city and is expected to contribute to the anticipated 1.9 million jobs headed to the Southeast region by the year 2040.
The 264-unit complex, which was built in 1987, is well situated for a value-add strategy consisting of a mix of interior upgrades to the 69 classic units, enhancements to the 174 units that have been partially upgraded and are dated, and washer/dryer additions. Additionally, there are opportunities to enhance community spaces and curb appeal, modernize amenities, and take a more hands-on approach to management. The enhancements to the common areas and amenities will include upgraded and refreshed décor in the clubhouse, a redesigned fitness center, and upgrades to the pool, pool area, grilling stations, dog parks and playground.
Conveniently located within the Atlanta MSA, the property is in close proximity to downtown and benefits from its accessibility to numerous job centers and other high demand drivers. The property provides easy access to major highways and public transportation. Atlanta MSA is the ninth largest MSA nationwide and the population is expected to continue to grow as more and more companies are relocating to the area.
About McDowell Properties:
McDowell Properties, which has six offices across the United States, invests in multifamily assets across the risk spectrum including debt, affordable housing, core plus and value-add investments. Since 2004, McDowell Properties has acquired over $3 billion of multifamily assets (over 40,000 units) and has been an active buyer of subordinate CMBS debt secured by multifamily loans (total loan balances of $16 billion and are secured by over 232,000 apartment units).
About CREC Real Estate:
CREC Real Estate is a private equity real estate firm, headquartered in Columbus, Ohio, with $1.2B in institutional-quality real estate assets under management. Since its 2001 founding, CREC has closed on 53 deals primarily within the multifamily space. CREC currently targets multifamily value-add opportunities in the Midwest through its direct-deal platform and throughout the greater U.S. by partnering with best-in-class operators and developers.