A 298-unit southwest Atlanta apartment community was recently sold for $42 million, three years after the seller purchased it in “extreme disrepair” as part of a workforce-housing portfolio.
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When Vienna, Virginia-based Middleburg Communities acquired Vesta Adams Park, located at 1991 Delowe Drive SW, it was only 17% occupied. After an extensive, $6 million renovation, the community was sold at 95% occupancy, Middleburg said. The company recently sold another part of that portfolio, Vesta Camp Creek, for an undisclosed amount after conducting a “to the studs” redevelopment.
“Vesta Adams Park is another example of Middleburg’s commitment to taking desolate assets that are unattractive to residents and non-contributors to the larger community and investing capital along with strong management and new community connections to bring these apartments to life,” Middleburg vice president of asset management Michael Bediones said in a press release. “We were thrilled with the response to the property as the quality of the renovation became evident while rents remained highly affordable.”
The rehabilitation program included new roofs, windows, exterior siding and LED lighting, as well as the gut renovation of all unit interiors with new HVAC systems, energy-efficient appliances and cabinets, countertops, flooring, fixtures and finishes. Middleburg also built a new community center, playground and sports court.
Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield Multifamily Investment Sales represented Middleburg in the sale of the property to Brentwood Investment Group LLC.
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