New York-based Real Estate Firm Acquires West Side Apartment Complex, Plans Renovation
An affiliate of New York-based real estate investment firm Quad Property Group has acquired Vintage Creek, a 104-unit apartment complex located at 1924 N Leg Road on Augusta’s west side. The sale price was $5 million, and the transaction closed on Aug. 15.
According to Jariel Bortnick, principal at Quad Property Group, it was opportunity to acquire a well-maintained, 1970s-era property ripe for renovation.
“Through our renovation program, we plan to make strategic improvements that will improve the tenant experience at Vintage Creek, both inside individual apartments and throughout the complex,” Bortnick said.
Bortnick also said that the company plans to enhance Vintage Creek’s position in the market by renovating unit interiors and improving the complex’s common areas. Additionally, Quad Property Group plans to add amenities for tenants, including a brand new leasing office and clubhouse, along with a pet park and sport court.
Michael Kashan, also a principal at Quad Property Group, stated that the company is excited about future growth in Augusta and plans additional multifamily acquisitions in the area.
“With Augusta’s reliable base of medical, educational and manufacturing jobs, along with the tremendous momentum related to Cyber Command, the future of Augusta looks incredibly bright,” Kashan said.