Apartment investor Trion Properties acquired the 267-unit Azure at Riverside community in Austell for $46.3 million, or $163,296 per residence, in an off-market transaction.
The community is located at 648 Whisper Trail in Austell. Courtesy of Google Maps.
The Los Angeles- and Miami-based firm said it purchased the property for $12 million less than the original contract price and plans to fully renovate about half of all units for $1.89 million, or $13,922 per unit. The firm has also budgeted about $1.86 million to upgrade and paint the exteriors, enhance the landscaping, resurface the parking lot, refinish the pool and add signage.
Trion expects the upgrades to boost rents from the current average of $968 per month to $1,550 per month based on comparable properties.
Trion Properties plans to fully renovate about half of all units for $1.89 million, or $13,922 per unit. Courtesy of Apartments.com.
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