CORE Real Estate Capital (CREC) has acquired Icon Avondale, a 374-unit, Class B multifamily community in Decatur. The sales price was not disclosed. CREC partnered with Indiana-based real estate company Sterling Group to acquire the property.
Located at 3330 Mountain Drive, Icon Avondale is part of the Avondale Estates submarket. Originally built in 1972, the community was formerly known as Novo Avondale. The property offers approximately 388,762 square feet of rentable space over 38 acres. Apartments range in size from 745 square feet to 1,200 square feet. Community amenities include a dog park, dog wash, grilling stations and community areas.
“We remain bullish on multifamily and its tendency to outperform other real estate segments, especially during the uncertain times we are currently experiencing due to the COVID-19 pandemic,” said Jeff Coopersmith, founder and managing partner at CREC. “We like the Atlanta area’s strong fundamentals and we believe the Decatur submarket and the broader area will benefit from tailwinds that favor continued demand for rental housing for the foreseeable future.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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