Anzio represents TruAmerica’s third investment in the Atlanta MSA and first in Gwinnett County. The Property was acquired at a discount to replacement cost for garden-style projects in suburban Atlanta and benefits from a strategic location in Atlanta’s second largest county. Anzio is just south of the Sugarloaf office submarket, which contains 14 million SF of office space and is home to 38,000 jobs. Additionally, nearby downtown Lawrenceville is home to Gwinnett Medical Center, a network of healthcare facilities with hospitals in Lawrenceville and nearby Duluth. In all, Gwinnett Medical Center employees 4,200 people. Gwinnett County is also home to the headquarters of several Fortune 500 companies, including Asbury Automotive, AGCO Corp., and WestRock (fka as RockTenn). The Property has direct access to the interchange of I-85 and Route 120, two miles west. To the southwest, I-85 leads directly to the center of Atlanta, and along the way has an interchange with I-285, also known as The Perimeter. Meanwhile, Route 120 passes through major employment centers in the wealthy suburbs of Johns Creek and Alpharetta.
TruAmerica plans to renovate the remaining classic homes and make select upgrades to the partially renovated and renovated homes to significantly modernize the interiors and earn strong renovation premiums.
The 448-unit property was built in 1986. All homes include spacious walk-in closets, washer/dryer connections, fireplaces, and a patio or balcony. The property has been well maintained and needs minimal deferred maintenance and exterior repairs, allowing a majority of the capital to be spent on accretive improvements to the apartment interiors. Upgrades to the apartment interiors in the remaining classic homes will include stainless steel appliances, vinyl plank flooring, laminate countertops, new cabinet fronts, and improved lighting fixtures. Additionally, TruAmerica will install washers and dryers in all units.
TruAmerica also plans to make targeted, accretive improvements to exteriors and amenity spaces. Potential amenity enhancements and upgrades include renovating the fitness center, adding new furnishings at the pool, and upgrading the dog park. Furthermore, painting the exterior and improving the landscaping will help enhance the overall image and curb appeal of the Property.