Wilkinson Corporation closes one of Atlanta’s largest multifamily transactions of the year
Wilkinson Corporation is pleased to announce that on November 15th, 2017, the company acquired The Park on Windy Hill Apartments (formerly Ashford Retreat), a 654-unit two- and three-story garden-style apartment community in Marietta, Georgia. The company purchased the community in an off-market transaction represented by Berkadia. Wilkinson Corporation’s affiliated property management entity, Wilkinson Asset Management has undertaken management of the community.
“We continue to focus on acquisitions in the Atlanta market,” Wilkinson Executive Vice President of Acquisitions and Development, George Waymire said. “The Park on Windy Hill is one of the largest multifamily transactions in the Atlanta area this year, and we are thrilled to grow our business through an acquisition like this. This community is perfectly positioned for redevelopment and will cater to the growing market of middle-income renters in this area. We feel it is a value-add in every way.”
Built in phases between 1970 and 1974, The Park on Windy Hill offers 654 one and two-bedroom apartment homes averaging over 900 square feet in size, spread throughout 26 buildings, across a low-density 42 landscaped acres. The nicely landscaped, well-maintained community boasts resort‐style amenities that include a swimming pool with sun deck and shaded enjoyment areas, fitness center, playground areas, and tennis/sports courts.
The Park on Windy Hill is located in a desirable neighborhood near the highly visible intersection of Windy Hill Road and Interstate 75, less than one mile from the major I‐75 and I‐285 interchange, the Cumberland Mall, the Atlanta Braves’ new SunTrust Park, Dobbins Air Reserve Base and Gen. Lucious D. Clay National Guard Center, and Coca‐Cola’s world headquarters. It is also within 10 miles of more than 15 other Fortune 1000 company headquarters, including UPS, Newell Rubbermaid, and RPC.
The community’s competitive purchase price per unit, its prime location, and its low density layout make it a valuable acquisition opportunity for Wilkinson Corporation. The company plans to deploy a value-add investment strategy, with select unit renovations and capital expenditures designed to increase rental rates and net operating income. “The Park on Windy Hill fits our redevelopment strategy perfectly,” said Wilkinson Asset Management President and COO, Kimra Holcomb. “The urban infill location coupled with a growing consumer base of educated, middle income renters indicate that there is a real demand for redeveloped communities in this market. In this area, costs are a barrier to new construction. With high quality renovations to common areas and apartments, our community can offer the prime location and stylish apartment housing that residents in this area are seeking. We plan to begin renovations at once, and are enthusiastic about the response from renters in the market.”
This acquisition makes the 22nd asset that Wilkinson Asset Management has managed in the Atlanta Metro market since 2011, and the 27th asset that Wilkinson Corporation has purchased there. This community is the sixth community that the company has acquired and is managing in the Atlanta area. Wilkinson Corporation and its affiliated management and development entities have been involved in the ownership, management, construction, and rehabilitation of rental investment properties nationwide since 1992. Visit the property website here.