Decatur Apartment Building Sold For $16.8 Million

ATLANTA -- Audubon has bought the Flats at East Atlanta in Decatur. Located on Flat Shoals Road, the 140-unit community contains a mix of one-, two- and three-bedroom apartments, with unit floor plans ranging from 710 to 1,325 square feet. Richard Jordan, vice chairman of the Atlanta CBRE Capital Markets team, secured a 10-year Freddie Mac loan for the $16.8 million deal with a fixed rate of 4.40 percent.

The property recently received an extensive $5 million renovation, which included overhauling the interiors and exteriors throughout the community. Unit interiors now contain contemporary high-end finishes including granite countertops, backsplash tiling and stainless-steel appliances. The painted brick buildings also have new windows and architectural shingle roofing.

On top of the recent capital improvements, Audubon plans to invest an additional $770,000 in the property. The primary objective of the next capital improvement program is to construct a new, ground-up leasing office and fitness center.

Additional improvements to make this a “Class A” development include a new indoor mail room, Luxor package system, washers and dryers in each unit and new property signage.

Audubon is an Atlanta-based firm specializing in multifamily properties throughout the Southeast.