Audubon announced it has sold Sundance Creek, a 232-unit townhome community located at 575 McDonough Parkway in McDonough, GA. The sale price was $30.2 million – or $130,172 per unit. The broker in the transaction was Dan Phelan, senior director at Franklin Street.
After acquiring the property from a long-term owner in 2016, Audubon completed a $1 million capital program to improve the functionality and curb appeal of the property. As a highlight of the campaign, the clubhouse was fully renovated with a rearranged floor plan that created a more open and contemporary environment for both employees and residents.
“THE VALUE OF SUNDANCE CREEK HAS GREATLY INCREASED SINCE WE COMPLETED OUR CAPITAL CAMPAIGN,” SAID CHRIS EDWARDS, MANAGING PARTNER AT AUDUBON. “THE RENOVATED CLUBHOUSE AND AMENITIES CREATED A TRULY ‘CLASS A’ FIRST IMPRESSION AND ALLOWED OUR STAFF TO REALIZE THE FULL POTENTIAL OF THIS ASSET.”
Other community upgrades included a new outdoor grill, fireplace, state-of-the-art fitness equipment, a new resident Wi-Fi lounge and the conversion of the laundry room to a yoga space.
“When we acquire value-add assets, our goal is to be in position to realize a capital event – either a refinancing or a sale – after roughly three years,” said Edwards. “We decided to sell Sundance Creek now to capitalize on the strong demand in the market for high-quality assets.”
Audubon has recently completed similar amenity overhauls at properties throughout the Southeast, including capital programs at The Metro in Atlanta, GA, The Reserve at Lithonia in Lithonia, GA, and Centre at Peachtree Corners in Peachtree Corners, GA. Following this sale, Audubon’s portfolio includes 23 properties featuring over 5,600 units.
