Providence Real Estate LLC has acquired The Stratford Apartment Homes. Situated in the Perimeter Center submarket of Atlanta at 5479 Glenridge Drive NE, The Stratford is a 269-unit property constructed in 1990. Providence Multifamily REIT, a Providence-managed private REIT investing in value-add multifamily opportunities in the Southeast U.S., acquired the property.
The apartment community features four three- and four-story frame-constructed mid-rise residential buildings, as well as a one-story clubhouse and leasing center. One and two-bedroom floorplans ranging in size from 609 to 1,200 square feet are represented. Units include in-unit washers and dryers, vaulted ceilings, high-speed Internet access and, in select units, microwave ovens and fireplaces. Common-area amenities include a pool.
The acquisition’s due diligence took place during COVID-19. “We had our share of issues, but overall it wasn’t horrible,” Kevin Finkel, told Multi-Housing News. “The number one issue was the unit inspection process for both us as a buyer and the lender. Getting people into the units to know what we were buying was a problem for both us and the residents.”
Earlier this year, Finkel weighed in on precautions the company undertook at its properties in the early weeks of the COVID-19 crisis.
The Stratford is situated less than a mile from the largest medical center in Georgia, housing Northside Hospital Atlanta, Emory St. Joseph’s Hospital and Children’s Healthcare of Atlanta. The property is also less than a mile from a job hub that includes United Parcel Service, AT&T Mobility, Cox Enterprises, Haverty Furniture and Newell Brands.
Finkel noted The Stratford offered a rare off-market opportunity to acquire an appealing apartment community possessing significant upside through value-add extensive interior and exterior renovations.