Partnership enables two companies to increase value of Norcross asset

December 15, 2018 by  

The Fields Peachtree Retreat, located in Norcross, has recently been sold by Elite Street Capital and the Admiral Capital Group.

The Fields Peachtree Retreat is a multifamily property with 490 units and sold for $51.2 million, which represented an increase of 40% over its original value.

Elite and Admiral purchased the property in May 2016 as a joint venture. Their goal was to enhance the experience for its tenants. Renovations to the interiors included modernizing the kitchens with new countertops, cabinets, appliances, and flooring and modernizing the bathrooms. Outdoor improvements included landscaping and replacement of wooden decks. Among the amenities added were a pool area and fitness center.

These improvements enabled the property to be more competitive in a market with higher quality units and higher rents.

Co-founder of Admiral Capital Group, Dan Bassichis, said that the goal of the company is to look for under-capitalized assets where there is an imbalance between supply and demand. The company has relied on the Atlanta market for the past 10 years, and he says this property was a good fit for its strategy to add value to a property. He added they were happy with their partnership with Elite.

Brochure printing can be used in situations such as this one to create brochures to provide more information about the updates and improvements for the surrounding community.