14-unit multifamily apartment complex closed August 26th, 2022
Convolo Capital continues its expansion in Georgia with the acquisition of Celeste on North, a 44-unit property located in Athens, GA. Built in 1985, Celeste on North offers exclusively two-bedroom, two-bathroom units situated in a vibrant pocket off North Avenue, poised for ongoing development and growth. The surrounding area exhibits strong regional growth trends, with Athens projected to experience a 10% population increase over the next four years.
Convolo Capital's business plan for Celeste on North focuses on executing interior upgrades to bring units up to market rents and addressing deferred maintenance issues. Additionally, the property will undergo a comprehensive exterior rebranding to enhance its appeal. Planned improvements include the installation of Washer and Dryer sets in units and ensuring proper billing of utilities. Financing for the project includes Freddie Mac Small Balance Five-year fixed-rate debt, offering non-recourse terms with a step-down prepayment penalty.
With its strategic approach to enhancing both interior and exterior elements, Celeste on North is poised to meet the evolving demands of the Athens market while offering investors a compelling opportunity for growth and value creation.
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