AIMCO Acquires a Luxury Atlanta Community
- Sep 04, 2013
Altanta—Colliers International has closed the sale of Park and 12th, a luxury 30-unit apartment community located in the heart of Midtown Atlanta. AIMCO bought the Class AA property from Park and 12th LLC. Will Mathews and Ron Cameron of Colliers International’s Atlanta office represented the seller in the transaction. The sales price was not disclosed. The asset was completed in 2012 and borders the west side of Piedmont Park.
“This transaction presented an excellent opportunity for Aimco to own a coveted asset in the heart of Midtown, the most highly sought after location for young professionals in their 20s and 30s to live, work and play,” says Mathews. “Due to the strength of the Midtown leasing market, the property’s unbeatable location and the high quality of the asset, the new buyer will have the ability to organically grow revenue by raising rents as units turn over.”
Units in the property feature oak-planked floors, mahogany cabinetry, granite countertops, stainless steel appliances and high-end window systems. Community amenities include a fitness center with an on-site trainer, a patio with tables and gas grills, ground-floor retail and a dog park.
Equus buys 251-unit apartment in Missouri
Ballwin, Missouri—Equus Capital Partners, formerly BPG Properties Ltd., has acquired Village Park of Ballwin, a 251-unit community located in Ballwin, a suburb of St. Louis, Mo. Village Green was the seller. The asset was approximately 93 percent occupied at the time of sale. Madison Apartment Group, the multifamily operating arm of Equus, will manage the community.
Village Park of Ballwin has been renamed Madison Rockwood. The garden style community includes a mixture of studios, one- and two- bedroom apartments and three bedroom townhomes. On-site amenities include a clubhouse, fitness center, a pool and tennis and racquetball courts. Over the coming months, Equus will invest more than $1.4 million to improve the community including a comprehensive rebranding program, substantial improvements and updates to the community amenities, common area hallway renovations and apartment interior upgrades.
Starlight buys interest in Texas community
Humble, Texas—Starlight U.S. Multi-Family Core Fund has entered into an agreement to buy a 35 percent interest ($14.4 million) in Alexan Eagle Creek, a 412-unit, garden-style, Class A asset located in Humble, Texas. The remaining 65 percent interest in the 2009-built property will be indirectly acquired by Daniel Drimmer, director & CEO of Starlight U.S. Multi-Family Core GP Inc.
Alexan Eagle Creek is currently managed by Greystar Real Estate Partners. The property consists of 19, three-story walk-up buildings on a 22-acre site. Amenities include a central clubhouse with a media room, business center, fitness center, demonstration cooking area, Internet café, billiard and shuffle board areas and two outdoor swimming pools. As of August 26, Eagle Creek was 93.2 percent occupied.