A 298-unit apartment community in southwest Atlanta recently sold for $42 million, three years after the seller bought it in ‘extreme disrepair’ as part of a housing portfolio for Workforce.
When Vienna, Va.-based Middleburg Communities acquired Vesta Adams Park, located at 1991 Delowe Drive SW, it was only 17% occupied. After an extensive $6 million renovation, the community was sold at 95% occupancy, Middleburg said. The company recently sold another part of this portfolio, Vesta Camp Creek, for an undisclosed amount after completing a “to the poles” redevelopment.
“Vesta Adams Park is another example of Middleburg’s commitment to taking desolate assets that are unattractive to residents and non-contributors to the community at large and investing capital along with strong management and new community connections to bring these apartments to life,” Vice President of Middleburg Asset Management Michael Bediones said in a Press release. “We have been delighted with the response to the property as the quality of the renovation has become evident while rents have remained very affordable.”
The rehabilitation program included new roofs, windows, exterior cladding and LED lighting, as well as gut renovations of all unit interiors with new HVAC systems, energy efficient appliances and cabinetry, countertops, flooring , fixtures and finishes. Middleburg also built a new community center, playground and sports field.
Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield Multifamily Investment Sales represented Middleburg in the sale of the property to Brentwood Investment Group LLC.