Croatan Buys Century Skyline Apartments in Atlanta
Croatan Investments, a private equity real estate manager focused on multifamily investments, has purchased Century Skyline Apartments.
Croatan Investments, a private equity real estate manager focused on multifamily investments, has purchased Century Skyline Apartments, a five-story, 225-unit midrise rental property located in Atlanta.
The property was purchased on behalf of investors of Croatan Capital Advisers LLC, including Croatan Multifamily All-Weather Fund I LP, a $17.5 million Regulation D private placement offering that launched last year. The acquisition was facilitated with a 3-year floating rate loan from Acres Capital with two, one-year extensions.
Century Skyline was built in 2007 and includes an attached parking garage and rooftop amenities. A $4.6 million capital improvement plan at the property will be comprised of $3 million for interior renovations, including quartz and granite countertops, updated cabinets and fixtures, new faux-wood flooring, and smart home technology. The remaining $1.6 million will fund renovations to the rooftop fitness center, re-purposing the ground floor fitness center, refreshing the resident lounge, and updating the rooftop with new grilling stations and lounge furniture, among other improvements.
“Our ability to buy high-quality urban core properties at temporarily discounted valuations due the impact of COVID creates an attractive investment opportunity” said Paul Van, chief executive officer. “When combined with our $4.6 million renovation plan, which includes upgrading all units to finishes comparable to newly delivered product in the submarket and reimagining the amenities, we believe we can increase rents while maintaining a price point below comparable products in the Midtown and the Old Fourth Ward submarkets.”
The property sits across from the Atlanta Civic Center site, which is scheduled to be renovated with a $300 million public-private partnership redevelopment effort.
Other nearby employers include transportation firm Norfolk Southern (NYSE: NSC), which is building its new corporate headquarters two miles north of the property, while Emory University Hospital Midtown and Winship Cancer Institute of Emory University are collaborating to build a 17-story cancer research facility a half mile to the northwest.
Croatan Investments is a multifamily investment manager for private wealth, institutional, and retail capital. The firm is headquartered in Virginia Beach, Virginia with team members located in Atlanta, Austin, Dallas, New York City, and Singapore. Croatan’s geographic focus includes primary and secondary markets with strong economic and housing demand drivers throughout the Mid-Atlantic and Sun Belt regions.
