Wilkinson Sells Georgia Community for $52M
- May 05, 2020
Wilkinson Corp. has sold The Hills on Breckinridge, a 400-unit apartment community in Duluth, Ga., for $52 million. The buyer was not identified.
Managing Director Nathan Swenson and Director Travis Presnell of Cushman & Wakefield’s Sunbelt Multifamily Advisory Group represented Wilkinson in the transaction.
Swenson said in a prepared statement the buyer was attracted to the asset’s strong location and economically diverse resident base, which will offer operating stability in the near term. He added the buyer will also be able to take advantage of value-add options in the long term. Swenson referenced the ongoing COVID-19 crisis and said both parties were able to find a clear path to closing on the deal despite the uncertain times.
The Hills on Breckinridge was built in 1986 and is located directly off Pleasant Hill Road along Interstate 85 in Gwinnett County. Wilkinson has made improvements to the property in recent years including a new clubhouse, pool, sports court, dog park, playground and interior upgrades, according to Cushman & Wakefield.
Wilkinson has been active in the Atlanta area for many years. In October, the company sold Hickory Falls, a 220-unit community in Villa Rica, Ga., located about 31 miles from Atlanta, for $31.2 million. Swenson and Presnell of Cushman & Wakefield also represented Wilkinson in this transaction.
In September 2018, Wilkinson purchased a 456-unit multifamily portfolio in Atlanta from Marquis Investments for $50 million. The transaction included the 100-unit Northeast Plaza, the 244-unit Terraces at Brookhaven and the 112-unit Epic Gardens. Wilkinson merged Northeast Plaza and Terraces at Brookhaven into a single asset called The Commons at Briarwood.
Currently, Wilkinson also owns properties in Norcross, Marietta and Peachtree Corners, all in Georgia, as well as in Indianapolis. The company sold a portfolio of five properties in Texas in the summer of 2019, including the 548-unit McArthur Place in Irving, Texas. The remaining properties were in the Houston area.