Norstar Wingate Community in Forest Park Sold, Awaits Repositioning
- Nov 07, 2014
Norstar Wingate, a multifamily rental community in Forest Park, Georgia has recently sold for $3.4 million or $16,113 per unit, Franklin Street announced. AML GA 1001, LLC, a Florida investor group acquired the 211-unit property from a local investor, Jake Reid and Ricky Jones of Franklin Street represented the seller.
Franklin Street is a family of full-service real estate companies focused on value-added solutions. Its real estate, capital, insurance, and management divisions serve clients all over the nation.
Located at 4735 Courtney Drive in Forest Park, Clayton County, Norstar Wingate is made up of three contiguous properties comprising 188,047 square feet in 24 buildings that were built in 1964 and 1967. The property features brick exteriors with pitched roofs and plenty of green space. Most apartments offer two bedrooms and 1.5 bathrooms but the range includes smaller units as well as three-bedroom, two-bath homes. The new owner plans to reposition the property by implementing new management, addressing deferred maintenance, and completing general capital improvements.
The community is situated on a 9.74 acre site near Clayton State University and the Fort Gillem military base, home to Hartsfield-Jackson International Airport, the world’s busiest passenger airport which is also Georgia’s largest employer.
The proposed redevelopment of Fort Gillem is expected to bring 3,000 more jobs to the area soon. Jake Reid is optimistic about Norstar Wingate’s future and foresees considerable gains through the improvements in operations and overall area improvements.
“The redevelopment of Fort Gillem is likely to positively impact this asset and many others in the Forest Park area,” he said.
Photo credits: Franklin Street