(Read more on the multifamily market.)

CHAMBLEE, GA-Atlanta-based based Lane Co. has acquired the 184-unit Oakwood Village Apartments for $13.2 million with plans to spend $4.2 million to improve the property. The community, located at 3200 Oakwood Village Lane, will be renamed Aviara Oaks Apartment Homes after the renovations.

Lane Investment & Development Services LLC, with the assistance of Lane Strategic Renovation, will make interior and exterior improvements to the property, including new landscaping, new siding, appliances, kitchen cabinets and fixtures. “While this is smaller than the typical deal that we would normally do, this is the sort of investment community that Lane is seeking nationwide,” says Lane Strategic Investment LLC president Phil Pitney, in a prepared statement. “The community is in an excellent location and has tremendous potential.”

Lane Asset Management senior vice president Dan Haefner tells GlobeSt.com that the company will spend about $18,000 per unit to upgrade the units once they become vacant. The property is about 92% occupied with rents of $767 for a one-bedroom, $832 for a two-bedroom and $1,040 for a three-bedroom. After the renovations, Lane will seek to raise rents to $868 for a one-bedroom, $944 for a two-bedroom and $1,178 for a three-bedroom. “This will be a repositioning of the asset,” Haefner says. “We see potential for rent growth.”

The company plans to make additional acquisitions over the next year. “We’ve been primarily in the Southeast, but we’re looking to grow our business out west,” Haefner says.

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