November 19, 2020
Cushman & Wakefield has arranged the sale of Novo Avondale, a 374-unit apartment community in Decatur. The sales price was not disclosed. Mike Kemether, Tyler Averitt and Travis Presnell of Cushman & Wakefield represented the seller, Shelton McNally Real Estate Partners, in the transaction. The buyer was Sterling Group Inc.
Located across the street from the Kensington MARTA Station and less than a mile from downtown Avondale Estates, the 1972-vintage property underwent a major overhaul in 2020 which included fully renovated exteriors, upscale interior renovations and enhanced amenities.
“This is one of the best heavy renovations of an apartment complex that I have seen in my career,” said Kemether. “The previous owner approached the renovation as a new development and successfully delivered a comprehensive property rehab. The new owner will benefit from this overhaul, as Novo Avondale serves as the value option to much newer surrounding apartments.”
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