ECI Group Sells Atlanta Community

The firm renovated more than half of the units of the 320-unit community after acquiring it roughly five years ago.

ECI Group is selling off more of its Georgia communities for 1031 exchanges with the sale of The Columns at Vinings. Investors Management Group acquired the 320-unit community in Atlanta from ECI Group for $71.5 million, according to Yardi Matrix data.

Columns at Vinings. Image courtesy of Wes Vizion Studios

Jimmy Baugnon, CIO at ECI Group, told Multi-Housing News that the firm will be using this sale to do a 1031 exchange for a newer South Carolina community that was built in 2017. Baugnon also told MHN that the exchange is expected to close later this month.

Built in 1985, The Columns at Vinings offers one- and two-bedroom units that range from 590 to 942 square feet. The units have oversize closets, extended vanities and private balconies and patios, while the community’s amenities include a clubhouse, dog park, fitness center, resident lounge, pool, business center and lighted tennis courts. The community was 95 percent occupied at the time of closing, Baugnon told MHN.

Located at 1900 Tamarron Parkway SE, The Columns at Vinings is less than 3 miles from The Battery and Truist Park, and roughly 13 miles from the many restaurant and retail options in downtown Atlanta. The community’s location in Atlanta’s northwestern suburbs puts it near 25.7 million square feet of office space within a 5-mile radius of the property. The area’s major employers include Home Depot, Papa Johns, Wellstar Vinings Health Park, Smyrna Market Village and IBM.

More than half of the units renovated

ECI Group was able to bring The Columns at Vinings to near full occupancy after first acquiring the community in October 2017. During its ownership, the firm upgraded the unit interiors and modernized the common amenities. Baugnon told MHN that ECI Group renovated 190 units, outfitting them with new paint, flooring, quartz countertops, stainless steel undermount sinks, stainless steel appliances, a subway-tiled backsplash, and upgraded hardware and lighting.

For ECI Group, the sale of The Columns at Vinings is part of the firm’s strategy to recycle capital from existing assets into new multifamily investments. Along the same strategy, ECI Group sold two of its Georgia assets for $125 million in January in 1031 exchange deals. The firm is still working on building out its Atlanta-area portfolio though, recently starting work on the 335-unit Averly East Village along with its partner Phoenix Capital.