Sale continues Atlanta market momentum for Covenant, coming on the heels of its sale of the Viera Briarcliff in June for $76 million
Nashville, TENN. (August 2nd, 2017)– A fund managed by Covenant Capital Group, LLC, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, has completed the sale of Veridian Sandy Springs, a 272-unit apartment community located at 1800 Windridge Drive in Atlanta, GA.
The sale closed on August 1st, 2017 for $32,000,000 to Veridian Sandy Springs Apartment, LP. Covenant purchased the property in August of 2013 for $15,304,000 and invested $4.8 million in updates and renovations.
This marks the second recent sale to be made by Convent in Atlanta, which sold the 500-unit Viera Briarcliff, now the Madison Druid Hills, in June of 2017 for $76,000,000 to IPX MF Druid Hills, LLC. Covenant originally purchased the property in December of 2012 for $48,200,000. After purchase, Covenant invested $5.3 million in updates and renovations to the property, which is located at 2696 N Druid Hills Rd NE in Atlanta, Ga.
“We’re proud of the work we did to revitalize these apartment communities in Atlanta, which both are in burgeoning neighborhoods within the metro area and possess a tremendous long-term outlook,” said Govan D. White, managing partner and co-founder of Covenant Capital Group. “We believe our investments in both the Veridian Sandy Springs and Viera Briarcliff showcase our commitment to creating premier properties that will serve residents for decades to come.”
In investing more than $4.8 million in property enhancements at Veridian Sandy Springs, Covenant added new exterior siding, installed new windows and completed a full interior update of all units with brand new appliances, granite countertops and modern finishes. The investment also provided for a renovation to the clubhouse and new equipment in the fitness center. All of these enhancements helped to make the Veridian Sandy Springs more attractive to residents and potential residents who work nearby as the property sits at the center of one of Atlanta’s largest employment bases, Perimeter Center.
For the Viera Briarcliff, Covenant made more than $5.3 million in renovations to this property, which included a significant clubhouse renovation, new fitness center, fire pit and patio upgrade, new exterior paint and stone siding and a full interior renovation to all units, with new appliances and finishes. Similar to Veridian Sandy Springs, Viera Briarcliff is situated among the top private and institutional employers in the area and one of the fastest-growing medical industries in the Southeast.
“Atlanta remains an incredibly attractive market, and we will continue to look for opportunities to grow our portfolio and enhance apartment communities in areas that are attractive to residents and employers,” added White.
Nashville-based Covenant Capital Group, formed in 2001, focuses on transforming and repositioning properties into premier institutional quality assets. Covenant has more than $1 billion in real estate assets under management and controls over 9,250 apartment units.
For more information visit: http://www.covenantcapgroup.com/
Justin H. Wilson, Hall Strategies