Wilkinson Corporation Announces Purchase of Brookhaven Multifamily Portfolio
July 20, 2018
Wilkinson Corporation of Yakima, Washington is pleased to announce the acquisition of three multifamily properties in the Atlanta area on July 19, 2018, marking the third in a recent succession of joint ventures with Torchlight Investors of New York City. Berkadia represented the seller, Marquis Investments, in the transaction.
The three garden-style, mid-century properties, Epic Gardens Apartments (112 units), Terraces at Brookhaven (244 units), and Northeast Plaza (100 units), lie adjacent to each other on Buford Highway, in the City of Brookhaven in greater Northeast Atlanta. The communities will be repositioned and renamed, with Epic Gardens Apartments becoming Magnolia Gardens at Brookhaven; while Terraces at Brookhaven and Northeast Plaza will be combined into a single property named The Commons at Briarwood Park. Wilkinson Asset Management assumed management of the communities at the time of closing.
This purchase is “another great investment in the promise of the Atlanta market,” according to George Waymire, Wilkinson Corporation’s Executive Vice President of Acquisitions and Development. “We have realized significant gains in property value from other multifamily properties in this neighborhood and are confident that we will experience similar appreciation with this portfolio.”
Magnolia Gardens is located at 3460 Buford Highway NE, and comprised of 14 buildings housing 112 one-, two-, and three-bedroom multifamily units on a low-density eight-acre plot. The property includes two swimming pools, a leasing office, and a laundry facility. The community was built in 1962 and has been well maintained but never renovated.
The Commons at Briarwood Park, located at 3510 Buford Highway NE, will now encompass 44 buildings spread over 26 acres. Built in 1966, the community has nine one-, two-, and three-bedroom floor plan options and offers two swimming pools, a playground, soccer field, laundry facility, and a clubhouse.
The joint venture plans to invest approximately $6.5 million in renovations and improvements to the properties. The exterior and amenities of Magnolia Gardens will receive a significant upgrade to modernize and improve curb appeal, as well as unit interior renovations that include new white Shaker-style cabinetry, trendy kitchen backsplash, stainless steel high-efficiency appliances including washers and dryers in every apartment, wood-inspired plank flooring, upgraded carpeting, higher efficiency lighting, and low water use bathroom toilets and faucets. The Commons at Briarwood Park will see renovations focused on improving building exteriors and amenities, including the clubhouse, playground, pools, laundry facility and common areas, as well as water conservation and security enhancements at the property. Limited interior renovations will be completed on an as-needed basis.
The communities will be positioned as part of Wilkinson Asset Management’s Village Collection, which caters to working class families. Improvements will be centered around creating family-friendly amenities and providing functional and practical updates that add value to the community and its residents. “It is heartwarming for me personally to be a part of creating family-friendly communities that our residents can take pride in,” remarked Kimra Holcomb, COO and President of Wilkinson Asset Management. “We aim to deliver safe, well-maintained, affordable and neighborly communities to our Village Collection residents, and these properties are a perfect fit for that strategy.”
These communities add to the company’s current portfolio of multifamily properties in the Atlanta Metro area. “Atlanta continues to be one of our top markets,” said Waymire. “Wilkinson Corporation continues to aggressively pursue business here. We really believe in this area.” This acquisition marks the 30th property that the company has acquired in the greater Atlanta market.