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Trion Properties Purchases $44M Multifamily in Austell in Off-Market Deal
Trion Properties has completed its $43.6-million acquisition of Azure at Riverside, a 267-unit multifamily in the Atlanta submarket of Austell, GA. The property was purchased in an off-market deal with a private seller.
“Our team has observed that this submarket has seen numerous large employers add hundreds of jobs over the past several years,” said Max Sharkansky, managing partner of Trion Properties. “With vacancy kept in check despite recent apartment deliveries and the upcoming supply pipeline notably muted, the supply/demand dynamics for multifamily in Austell/Atlanta are quite strong.”
Azure at Riverside was constructed in 1973. The 84% occupied apartment community is composed of 15 three-story wood-frame buildings and includes a clubhouse, pool deck and outdoor sports courts.
Previous ownership completed full-scale renovations over the last several years including new roofs, siding, windows and sliders, as well as replacing most of the HVAC units and adding package lockers and a dog park.
- ◦Sale/Acquisition
