New York Investor Buys Into Gwinnett's Apartment Scene
A New York investor has made inroads on its Southeast value-add apartment portfolio with a Norcross community.
Hudson Capital Properties purchased Willow Trail, a 224-unit property in the northern suburb of Gwinnett County, for $19.3M, or some $86K per unit. While a seller was not disclosed, Gwinnett County documents show the last owner as New York-based GFI Capital Resources Group. Willow Trail consists of 14 buildings on more than 17 acres.
HCP's purchase is part of a two-property buy that included a Cary Reserve at Weston, a 288-unit property outside of Raleigh, North Carolina, for more than $46M. The owner plans to pump $7M into capital improvements in both properties that include updated interiors and expanded amenities, company officials said.
“HCP’s acquisition strategy for the Southeast targets high-quality assets in great locations, with strong potential to add value,” HCP Executive Vice President Robert Cohen said.
Cohen said the firm is targeting further acquisitions in Southeast markets with high barriers to entry and constrained supplies, such as Charlotte, Tampa, Nashville and Orlando.
“Our goal for 2018 is to continue building out our portfolio, specifically targeting acquisitions in our target markets including Atlanta, the Research Triangle [Raleigh, Durham and Chapel Hill] and Dallas-Ft. Worth, which we feel enjoy the combination of favorable demographics and employment growth, good weather and lower cost of living that makes certain Southeastern apartment markets so attractive,” Cohen wrote in an email.