Middleburg Communities Sells $42M Atlanta Property
In line with its strategy of rehabilitating desolate assets, the company invested $6 million in the community’s refurbishment.
Vesta Adams Park. Image courtesy of Middleburg Communities
In a $42 million deal, Middleburg Communities has sold Vesta Adams Park, a 298-unit community in Atlanta, to Brentwood Investment Group. Cushman & Wakefield brokered the transaction.
According to Yardi Matrix data, the property previously changed hands in 2019, when the current seller purchased the asset for $22.9 million. The transaction was part of a workforce housing portfolio acquisition.
At the time of its 2019 purchase, Vesta Adams Park was in a state of disrepair and only 17 percent occupied. Since then, Middleburg has invested $6 million to rehabilitate and renovate the community, bringing its occupancy to 95 percent.
The Cushman & Wakefield team that represented the seller was led by Executive Director Travis Presnell, Executive Vice Chairman Mike Kemether, Director Wesley Kenney and Senior Associate Wesley Lacefield.
The 25 two-story buildings, spanning 30 acres, encompass one-, two- and three-bedroom apartments, averaging 923 square feet. Interior renovations brought new cabinets, countertops and appliances, as well as washers and dryers in all units. Common-area amenities include a swimming pool, community center, playground and sports court.
Located at 1991 Delowe Drive S.W., the property is roughly 7 miles from downtown Atlanta, while providing easy access to Route 166. Adams Park, with its recreational activities, is 1 mile away. A variety of dining and retail options are available in the surrounding area.
Middleburg Communities has recently sold another Atlanta asset, the 220-unit Vesta Camp Creek. The company had invested $10 million to fully reconstruct the formerly vacant community.
