Zevulon Capital, Inc. has closed on the purchase of Madison Village, a 58-unit, value-add apartment community at 1870 Atlanta Road in Smyrna, Georgia, for $5.28 million, or $91,034 per unit. This is the investment management firm’s eighth multifamily acquisition in 2020.
Madison Village is located just northwest of Atlanta, close to the Fox Creek Golf Course and Truist Park, home of the Atlanta Braves Major League Baseball team. The community, which features generously portioned one- and two-bedrooms, is situated in the sought-after Cobb County School District, minutes from I-75, I-258, Cobb Galleria and Cumberland Mall.
Zevulon Capital intends to reposition the property to bring rents to market and increase cash flow. The firm will invest in renovations, such as exterior paint, common area improvements, interior upgrades, stainless steel appliances, new flooring, and landscape enhancements. The property will be renamed Midwood Village under Zevulon’s Midwood community brand.
“We are excited to make investments that will make this complex an even more desirable place to live for professionals and families alike,” said Levi Polter, Zevulon Capital Principal. “We anticipate investors will be attracted to the asset’s value-add plan to capture the current loss-to-lease, bring rents to market and achieve premium rates on renovated units.”
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.