Hudson Capital Properties, a multifamily real estate investment and development firm focused on value-added acquisitions in Southeastern US markets, today announced the $143.5 million sale of Hudson Ridge Apartments,a rental community located at 3505 Windy Ridge Ln. in the Cumberland sub market of Atlanta, GA to an affiliate of New York-based L+M Fund Management. HCP purchased the asset in 2016 and subsequently executed a full renovation program.Kevin Geiger of CBRE represented HCP in the transaction.
“Hudson Ridge was by far the largest acquisition we had made at the time in 2016 which is indicative of our conviction in the Atlanta market and our strategy for the asset,” said Robert B. Cohen II, chief investment officer at HCP. “After executing a community-wide renovation program, we are proud to have transformed Hudson Ridge into one of the most sought-after rental communities in an area bursting with built-in neighborhood amenities.”
Built in 1998, Hudson Ridge has been meticulously maintained by each of its three owners. The unit mix includes one-, two-, and three-bedroom floor plans, some with detached garages. HCP recently completed renovations to all residences including new cabinetry, granite or quartz counter tops, stainless steel appliances, vinyl plank flooring in kitchens and living areas and new plumbing and lighting fixtures throughout. Additionally, new carpeting was installed in all bedrooms. The firm also expanded the leasing office space, redesigned the clubhouse to include a multi-use kitchen and implemented important exterior common area upgrades.
Hudson Ridge is a short drive from more than 100 Fortune 500 companies in the Cumberland sub market and is located within walking distance of The Battery Atlanta with upwards of 400,000 SF of retail and the 41,500-seat Truist Park, home to the Atlanta Braves and a host of year-round events. The burgeoning retail,shopping, entertainment district, as well as numerous Class-A office developments nearby demonstrate the district’s remarkable growth trajectory and have played an important role in the life-cycle of this asset.
“The renovation at Hudson Ridge, combined with an incredible location and a white-hot apartment market in the region, were key to the successful disposition of the asset,” said Cohen. “The sale is a testament to HCP’s expertise in identifying excellent opportunities and our ability to implement a truly meaningful value-add renovation scope.”
About Hudson Capital Partners
Founded in 2009, Hudson Capital Properties (HCP) is a multifamily real estate investment and development company. Through its affiliated companies, HCP develops, acquires, owns, and operates a portfolio of multifamily properties in the Southeastern United States and has acquired and developed over 10,000 units since inception. Led by James S. Cohen and Robert B. Cohen II, the HCP team has developed a track record of value creation through diligent processes and in-house expertise in development, construction, asset management and finance. HCP has a proven ability to source opportunities, close transactions quickly and efficiently manage and perform large scale improvements and development of properties.
About L+M Fund Management
Since 2010, L+M’s fund management business has been committed to investing in, acquiring, and preserving workforce, affordable, and mixed-income multi-family housing in high-growth metro areas across the U.S.L+M Fund Management invests in and operates multifamily assets on behalf of institutional investors and, to date, has acquired nearly 20,000 units in $3.8 billion in transactions in high-growth metro areas across the U.S.
