HFF Closes Sale of 315-Unit Atlanta Community
- Oct 25, 2016
by Evelina Croitoru
Atlanta—HFF has announced the sale and financing of Estates at Vinings Station, a 315-unit, garden-style multi-housing community in the Vinings suburb of Atlanta. The property was purchased clear of any existing debt by a joint venture between PCCP LLC and Carroll Organization from seller Invesco Real Estate. The new name of the community will be ARIUM Vinings Station, according to Yardi Matrix. Financial details have not been disclosed.
Located at 4695 N. Church Lane, SE., along South Atlanta Road, the property has direct access to Interstate 285, being in close proximity to the Cumberland Galleria office submarket and the West Midtown district via South Atlanta Road. The community features one-, two- and three-bedroom units averaging 1,091 square feet. The property also includes 25 townhome units with attached garages.
Amenities at the community include a fitness center, business center, pool and clubhouse, among others. Roughly 60 percent of the units underwent refurbishment starting 2013, with upgrades including black/stainless steel appliances, quartz countertops, tile backsplash, espresso cabinets, vinyl plank flooring in the kitchens and baths, new carpet in living areas, new light fixtures and brushed nickel finishes.
“Estates at Vinings Station represents one of the last garden-style properties to likely ever be built in the Vinings area with current trends leaning toward higher-density, structured-parking assets, which now represent nearly all of the new supply in this burgeoning submarket. Invesco realized their investment objectives, and we believe the buyer’s business plan is well conceived for future asset appreciation,” said Jason Nettles, director with HFF, in prepared remarks.
Nettles and HFF Director Megan Thompson led the investment team that marketed the property on behalf of the seller. In addition, directors Ed Coco and Chip Sykes led the debt placement team that secured a seven-year, 70 percent LTV, floating-rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus® Seller/Servicer program.
According to Yardi Matrix data, the asset was purchased in 2013 by Invesco Real Estate from Gables Residential for the price tag of $45 million.
Image Courtesy of Yardi Matrix