175 Units — Atlanta Metro
Eclipse's Phase I ownership group invested $1.7 million in value-add improvements. Property performance improved significantly over the four-year hold period, as NOI grew at an average annual rate of 12.5%.
PROPERTY INFO
Units: 175
Year built: 1985
Average unit size: 852 SF
Location: Duluth, Georgia
Submarket: North Gwinnett
Phase I: Acquired Oct. 2018
Phase II: Acquired Sept. 2022
The Eclipse is located in Atlanta’s northeast premier expansion market of Gwinnett County, one of the fastest growing counties in the U.S. It sits within Duluth’s Gwinnett Place Community Improvement District and retail destination center.
Investment Highlights
When Phase I ownership took over this project in October 2018, the asset was not positioned to a high standard in relation to nearby competitors. As the Asset Manager, IMG oversaw the property's value-add program which included new exterior paint, landscaping improvements, clubhouse/fitness center remodel and pool area enhancements.
Phase II ownership will execute a $1.2M value-add business plan to continue exterior and interior unit improvements. Eclipse Phase II benefits from IMG’s continued asset management oversight and impressive fundamentals in the sought-after Gwinnett County submarket.
