Zevulon Capital, Inc. has acquired The Residences at Stonebrook, a 100-unit apartment community at 507 Georgia Avenue in Forest Park, Georgia, for $6 million, or $60,000 per unit. This is the company’s third multifamily purchase in the city and second acquisition this year.
Zevulon Capital will invest in strategic improvements to the value-add property, including exterior enhancements, interior renovations such as new appliances and cabinetry, landscape investments, and improvements to the swimming pool area.
“This is a great community for families and young professionals who want to live close to where they work and play, said Levi Polter, a Principal at Zevulon Capital. “Our capital improvement plan will make it a more attractive setting for residents, which will allow us to raise both occupancy and rents and increase the value of the asset.”
The community is located just south of Atlanta, close to the I-75 and I-285 highway corridors that allow an easy commute to Atlanta’s major employment areas. Zevulon will take over property management and rename the asset under its Midwood community brand.
About Zevulon Capital
Zevulon Capital is a privately held, Atlanta-based real estate investment management firm that acquires and strategically transforms value-add multifamily assets across the southeast. Leveraging extensive market knowledge and industry insights, Zevulon successfully up-positions underperforming communities, creating profitability for investors and elevated living environments for residents. Visit zevcap.com to learn more.