NORCROSS, GA-Seattle-based Orion Residential LLC has acquired the 382-unit Dunleaf Apartment Homes at 1300 Beaver Ruin Rd. and changed its name to Orion at Gwinnett Pointe.
"The acquisition of Orion at Gwinnett Point represents an example of our continued pursuit of quality apartment assets in the Atlanta market," says Orion president and CEO Brian Ward. "It is exceptionally well located immediately off a high traffic corridor and with close proximity to major freeways and employment centers along with a high-quality amenity package."
The apartment complex was constructed in 1999 and is located about 1.5 miles southeast of Interstate 85 and seven miles from Interstate 285. Property managers are Lincoln Property Co. One-bedroom, one-bathroom units currently rent for $735 to $835; two-bedroom, two-bathroom units rent for $890 to $940 and three-bedroom, three-bathroom units rent for $1,060 to $1,095.
Orion principal Daniel Gumbiner, who is based in the firm's Chicago office, led the acquisition on behalf of joint venture between GE Real Estate and Orion. Paul Berry, of CB Richard Ellis, represented the seller in the transaction. Debt financing for the transaction was provided by Allianz.
Orion plans to upgrade the unit interiors, the fitness center and the club house. "We are optimistic about the Atlanta multifamily market, the recent decline in concessions combined with the limited supply of new rental product should generate strong returns for quality apartment communities," Gumbiner says.
This is the second apartment community Orion has acquired in recent months in the Atlanta area. In April, the company acquired the 256-unit AMLI at Killian Creek Apartments in Snellville and changed its name to Orion at Killian Creek. The company owns and operates 4,700 apartment units throughout the country.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
