River Ridge Apartments Sold for $5,700,000
New York firm to upgrade downtown Augusta apartment complex
May 22, 2020
Downtown’s River Ridge Apartments is due for a makeover later this year by its new owners.
A New York-based real estate investment firm that recently acquired downtown’s River Ridge apartments is planning extensive renovations to make the low-rent complex more upscale.
DXE Properties acquired the 104-unit complex on 13th Street last month for $5.7 million. The company is going to rename the complex as “The Downtowner.”
The new name is part of the large-scale makeover of the property, which has largely been untouched since its construction in 1984.
“It’s had a bit of a reputation, or a stigma, and we look forward to improving it,” said Josh Eitingon, a partner in Long Island-based DXE Properties. “We want it to be one of the top choices for people living downtown.”
All units are two-bedroom, two-bathroom apartments. Eitingon said a top-to-bottom renovation will modernize the kitchens and bathrooms as well as create additional amenities such as fitness center, dog park and outdoor grill station.
Monthly rent for the units is currently in the $600 range. New rates have not yet been established, Eitingon said, but they will likely be less than some of the luxury apartment communities that have been built in the urban core in recent years to accommodate the influx of young professionals and empty nesters.
Eitingon said The Downtowner will fill the gap between low-cost “class C” apartments and the newer “class A” complexes. The property should appeal to college students and young professionals looking for modern – but not necessarily luxury – housing.
“We’re looking at doing finishes that are similar to Canalside and Beacon Station at a price point that is a little more affordable,” Eitingon said.
The renovation will be done in stages, with the first beginning in the fall, Eitingon said.
Sherman & Hemstreet Real Estate President Joe Edge, who brokered the sale the DXE Properties, said the firm received nearly three-dozen offers on the property.
“This just shows you the demand for the multifamily market in downtown Augusta,” he said. “This is unique in that it will be right in the middle; everything else in downtown is either a class C or a class A.”
Edge said the apartments were originally constructed to be student housing, but the developer changed his mind after completion and made the property a traditional apartment complex.
Eitingon, whose company owns eight apartment communities in the Southeast, said the firm is interested in acquiring more properties in metro Augusta.
“We’re excited to break into Augusta,” he said. “Hopefully, this is one of many for us.”