Greystar has added another asset to its portfolio with the purchase of The Columns at Akers Mill, a 400-unit residential community in the Atlanta suburb of Vinings, Ga., from seller ECI Group. The company declined to share the sale price. Originally built in 1968, the community underwent a significant upgrade in 1994 and is now 94 percent occupied, according to Yardi Matrix data.
Formerly known as The Veranda, the community first changed hands in 2004 when it was purchased for $25.6 million by Harbor Group International from TA Realty. In 2008, ECI Group acquired the property for $32 million.
The Columns at Akers Mill is located at 2383 Akers Mill Road SE, about 12 miles north of downtown Atlanta and just off interstates 75 and 285. Major employment hubs, including Cumberland/Galleria, Buckhead and Midtown are in close proximity to the property.
Greystar’s Kevin Kaberna said the employment and supply fundamentals were part of what attracted the firm to the property. According to the company, more than 17 million square feet of office space was recently completed in the area.
Spread across 20 buildings on 32 acres, the community houses a mix of one- and two-bedroom units with an average size of 965 square feet. Common area amenities include a fitness center, clubhouse, two swimming pools and a playground. Unit interiors include in-unit washers and dryers and high-speed internet access.
Greystar, which will also be taking over management at the property, plans to implement significant capital improvements to The Columns at Akers Mill. Unit updates will include new appliances and cabinets as well as upgrading lighting, plumbing and hardware fixtures. The firm also plans to upgrade resident common areas and amenity spaces.