New York City-based Dome Equities, a private equity real estate firm, has acquired Avana Southgate, an apartment community in Louisville, Kentucky. The property has 256 apartments. No financial terms were disclosed.
New York, NY November 1, 2016: Dome Equities, LLC today announced the acquisition of Avana Southgate, a Class A apartment community located in south-central Louisville. Residents enjoy access to the Commerce Crossings Business Park next door, and are only eight miles from the work sites of Louisville’s three largest employers, UPS, Ford and GE Appliances. Built in 2001, the property is comprised of 256 apartments, consisting of one and two bedroom units with an average square footage of 932.
Dome’s value-add renovations will include vinyl plank flooring throughout all first floor and upper floor units, carpet replacement in bedrooms and living areas, stainless steel kitchen appliances, bathroom amenity updates, light fixture updates, and two tone gray paint in the living, dining, and kitchen areas. The interior renovations will be completed over a 3 ½ year timeframe.
“We believe Avana Southgate is an excellent addition to our nationwide apartment portfolio, providing further exposure to another metropolitan area with above average growth prospects. A lower cost structure for doing business coupled with favorable population trends are helping this region outpace the national averages,” said Eric D. Jones, Dome Equities’ Chief Investment Officer.
Dome’s apartment portfolio of 31 properties totals nearly $1.25 billion.
ABOUT DOME EQUITIES, LLC
Dome Equities, LLC (www.domeeq.com) is a New York City based private equity real estate investment firm specializing in core+, value-add, and opportunistic strategies in U.S. real estate with a focus on multifamily rental properties. Dome’s mission is to deliver investment opportunities that provide strong, stable current returns while generating long-term capital appreciation. The firm applies a disciplined investment process marrying top-down economic and demographic research with bottom-up sourcing by accessing local knowledge via an expansive, scalable network of owners/operators. Management currently employs a strategy targeting investment in the multifamily apartment market. Always seeking profit creation as a core objective, Dome acquires apartment properties below their replacement cost, implements best-in-class management practices and invests strategic capital to improve property operations, followed by the sale to a long-term owner, all within a three- to-five-year period.
Follow the link to Dome’s team: http://domeeq.com/team/