SANDY SPRINGS, GA—Oak Coast Properties and IMG report they have acquired the Legacy Key Apartments community here for $30 million, including costs, from DRA Advisors LLC.
The Legacy Key Apartments property totals 350 units and consists of one-and-two-bedroom apartment units set in both townhome and garden style floor plans. Units average 959 square feet with amenities that include sunrooms or screened porches, fireplaces, and washer/dryer connections. Community amenities include controlled access gates, a clubhouse, business center, fitness center, two swimming pools, two lighted tennis courts, a gazebo, picnic and grilling areas, a car care center and a laundry facility. The 30-acre asset was originally built in 1979.
Los Angeles-based Oak Coast Properties says it will employ a value-add investment strategy, including property rebranding and renovation upgrades totaling more than $2 million aimed at maximizing rent potential and yield.
“Legacy Key is a great addition to the Oak Coast portfolio,” says Matthew Heslin, Oak Coast Properties CEO and co-founder. “With demand strong for upgraded rentals in this submarket, we will be able to maximize value through property enhancements.”
Planned interior renovations to the community include the replacement or refurbishment of appliances and countertops; flooring and carpeting; shower tub and tile; hot water heaters, HVAC units and heaters; paint; and windows and glass doors. Improvements to exteriors will include painting and sidewalks; roofs, gutters and flashing; patio landings and balconies; screened porches; landscaping; parking lot repairs; common area lighting; plumbing lines, drains, and sewers; signage; common area amenities; and security cameras and alarms.
Located west of GA Highway 400, Legacy Key is positioned between two primary Atlanta employment hubs— Perimeter Center to the south and North Fulton to the north.
“The fundamentals in this market are solid,” says Heslin. “Employment is strong and thus, so is the demand for quality apartment rentals.”
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