DeKalb City Council Aids Sale, Rehabilitation of Suburban Complex
The DeKalb City Council unanimously approved an agreement Aug. 8 aiding the sale of Suburban Estates and Apartments, rehabilitation of the complex and infrastructure upgrades to provide reliable water service.
The purchaser of the 530-unit apartment complex at North Annie Glidden and Twombly Road is The Terraces of DeKalb, which is represented by the same investment firm that last year purchased several distressed Hunter properties.
The firm plans to purchase and rehabilitate the Suburban complex to market standards at a cost of $30 million.
To facilitate the purchase, the City has agreed to improve the water infrastructure at the complex. The work will be funded by DeKalb County. The complex is currently outside the City, within the County’s jurisdiction. The 80-acre property will be annexed to the City.
According to City Manager Bill Nicklas, these upgrades will “bring clean and reliable water service to the residents of the Suburban complex who have experienced years of unreliable water service from an old well system for which there is no record of regular testing according to generally accepted industry standards.”
The agreement also includes provisions to improve safety for Suburban’s residents. Security cameras will be required in all public and common areas with feeds to DeKalb Police and the DeKalb County Sheriff’s Office, security personnel will be provided as needed and the new owner will allow security walk-throughs by law enforcement.
A map shows water system infrastructure improvements planned at Suburban Apartments and Estates.
|A map shows water system infrastructure improvements planned at Suburban Apartments and Estates.|