DEAL OF THE DAY: Westdale Investment Partners Purchases Suburban Atlanta Apts. For $14.6M
Westdale Investment Partners LLC says it is acquiring the 302-unit Forest Hills at Vinings apartment complex in suburban Atlanta for $14.6 million.
Atlanta–Westdale Investment Partners LLC says it is acquiring the 302-unit Forest Hills at Vinings apartment complex in suburban Atlanta for $14.6 million.
The acquisition marks Westdale Investment Partners’ second Atlanta apartment community purchased in the past two years. The seller was an affiliate of Wrightwood Capital, also based in Chicago.
“We think this location and this asset are particularly well-positioned as Atlanta begins to enter its recovery phase,” says David Carlson, managing principal of Westdale Investment Partners, a Chicago-based multifamily investment firm. “Core locations are key as renters are concerned with traffic patterns. There is a real push to live closer to major employment nodes, and Forest Hills certainly is appealing from that aspect.”
Built in 1980, Forest Hills at Vinings is comprised of 302 units on 27.5 acres. The garden-style property is located at 3900 Paces Walk, inside I-285 off Cumberland Parkway in the historic Vinings area of Cobb County. It features a leasing center, fitness room, multiple tennis courts and pool with waterslide and is approximately 93 percent occupied.
“Strong property performance, excellent location, and the good physical condition of the asset enabled us to acquire an asset with solid fundamentals and additional upside potential,” says Mark Isaacson, managing principal of Westdale Investment Partners. “Forest Hills at Vinings maintains one of the best sites in the area, with its accessibility to area highways and regional business districts.”
Kevin Geiger, Malcolm McComb and Paul Berry of CB Richard Ellis represented the seller in the transaction.
Westdale Investment Partners (formerly Redwood Capital Partners) currently owns and operates eight properties totaling more than 3,100 units in various markets throughout the Midwest, Southeast and Southwest.