Croatan Investments, a multifamily investment manager for private wealth, institutional and retail capital, has acquired Century Skyline Apartments, a stabilized 225-unit midrise rental property located in Atlanta. The investment was a co-investment effected for clients of Croatan Capital Advisers, including Croatan Multifamily All-Weather Fund I.
“Our ability to buy high-quality urban core properties at temporarily discounted valuations due the impact of COVID creates an attractive investment opportunity,” said Paul Van, CEO. “When combined with our $4.6 million renovation plan, which includes upgrading all units to finishes comparable to newly delivered product in the submarket and reimagining the amenities, we believe we can increase rents while maintaining a price point below comparable products in the Midtown and the Old Fourth Ward submarkets. We believe Century Skyline Apartments is very well positioned to produce attractive returns for our investors.”
