Wilkinson Corporation and Torchlight Investors announce acquisition of luxury apartment community in Buckhead
May 3, 2018
Yakima, WA and New York, NY
A joint venture between Wilkinson Corporation (Yakima, WA) and Torchlight Investors (New York, NY) resulted in the acquisition of 32Hundred Lenox, a luxury midrise conventional multifamily community in the upscale Buckhead area of Atlanta this week. Cushman & Wakefield brokerage represented the seller, Elite Street Capital. Wilkinson Corporation’s affiliated property management entity, Wilkinson Asset Management, has undertaken management of the community.
The community is situated in one of Atlanta’s core locations, walkable to the upscale Lenox Square Mall, Phipps Plaza, and the MARTA Rail Lenox Station. “This is a prime location within a high growth market. We expect that demand for rental housing will continue to grow given this is one of the country’s most expensive residential housing markets,” said Wilkinson Asset Management’s COO and President, Kimra Holcomb.
The 14-acre, gated site houses 431 mid-century modern apartments spread across 6 buildings, as well as a business office, fitness center, and courtyard with two swimming pools. Built in 1961, the community has undergone an approximately $6 million partial renovation since 2015. Wilkinson and Torchlight plan to invest nearly $13 million to complete the renovation, overhauling the grounds and existing amenities to create a resort-style pool and sundeck area, a Paw Park for pampered pets, and an outdoor living area with grilling kitchen, fire pit, and community garden for resident use, as well as completing high-quality luxurious interior remodels. Wilkinson Corporation’s Executive Vice President of Acquisitions and Development, George Waymire observed that “proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio.”
The company aims to fold the community into their Metropolitan Lifestyle Collection, multifamily communities catering to professionals looking for stylish living spaces and premium amenities in the heart of the action of prime neighborhoods. “This community is a perfect fit for our Metropolitan Lifestyle Collection renters. The neighborhood is home to some of the Southeast’s most exclusive retail and dining, with unlimited opportunities for business and recreation. By adding resort-style amenities and luxurious apartment interior upgrades, we feel confident in our opportunity for success with this property,” Holcomb explained.
32Hundred Lenox adds to the company’s current portfolio of multifamily properties in the Atlanta Metro area. “Atlanta is one of our top target markets,” remarked Waymire. “We continue to focus on acquisitions there and look forward to additional purchases in the future.” This is the 28th community that the Wilkinson Family of Companies has acquired in the Atlanta market.
“This property is situated in a prime location within Buckhead, one of the strongest residential and commercial markets in the Atlanta area, and is well positioned to capture a significant amount of added value through the implementation of a strategic renovation and repositioning plan. We are excited to be acquiring our second Atlanta multifamily community with Wilkinson, a highly experienced owner/operator with a demonstrated track record of success in the Atlanta area,” said Mike Butz, Partner at Torchlight Investors.
Torchlight Investors is an independent investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. Torchlight has approximately $4 billion of assets under management. Visit the property website here.