McDowell Properties has acquired an Atlanta-MSA property for $34.4 million. The 210-unit complex was purchased in joint venture with RSE Capital Partners, a subsidiary of Fundrise. Consisting of all two- and three-bedroom units, the roommate and family-friendly floorplans are well-positioned to appeal to the broadest resident profile in the submarket and will further benefit from the continuation of a value-add program consisting of full renovations in the remaining 38% classic units, further upgrades to the 31% partial units, curb appeal improvements, and amenity enhancements. The business plan will also consist of a more hands-on approach to management and the curing of deferred items which will decrease existing loss-to-lease and resident turnover.
Trellis is well-located in the affluent South Cobb submarket of the Atlanta MSA, which has great access to employment centers as well as Marietta Town Square and Cumberland Mall, which together have 30+ bars/restaurants and over 1 million square feet of retail space. The property is walking distance to a CVS, Aldi, Family Dollar, and other retailers. Interstate 75 provides direct access to the Atlanta CBD as well as numerous large employers and is accessible less than 5 miles from the property.
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 Fundrise and RSE Capital Partners:
www.fundrise.com | www.rsecap.com
Fundrise, and its subsidiary RSE Capital Partners, is a principal investor in exceptional residential and commercial real estate across the United States. They have invested in over $5 billion of institutional-quality real estate, including over 20,000 multifamily units in 25 states.