Wilkinson adds new property to Atlanta-area multifamily portfolio
Wilkinson Corporation is pleased to announce that on June 1st, the company acquired 880 Lakeside, a 222-unit garden-style apartment community in Northwest Atlanta area. The company purchased the community in an off-market transaction represented by Greystone Brown Real Estate Advisors. Wilkinson Corporation’s affiliated property management entity, Wilkinson Asset Management has undertaken management of the community.
“Atlanta is one of our long-term markets,” Wilkinson Executive Vice President of Acquisitions and Development, George Waymire said. “We like Atlanta, and we prefer to have more of a laser-like focus versus a shotgun approach to markets. The better you know a market, the better you can react to transactions and perform on them.”
Built in 1985, 880 Lakeside offers 222 one and two-bedroom apartment homes spread throughout 10 buildings, across a low-density 19 landscaped acres. The community features a clubhouse with fitness center, stocked lake with fountain, swimming pool with picnic area and sundeck, walking trail, a playground, and plentiful surface parking.
880 Lakeside is located within two miles of Marietta Town Center in Cobb County, which boasts a stable housing market, low unemployment, a population of 736,298 and an expected growth rate of over 7% in the next five years. Nearby places of interest include the Chattahoochee Technical College, Lockheed Martin Aeronautical Systems, Cumberland Mall, Braves SunTrust Park Stadium, Dobbins Air Reserve Base and General Lucius D. Clay National Guard Center, Coca Cola’s world headquarters, and the headquarters of more than 15 Fortune 1000 companies.
The community’s competitive purchase price per unit, and its amenity-rich location 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. “880 Lakeside is a perfect fit for our redevelopment strategy;” said Wilkinson Asset Management President and COO, Kimra Holcomb, “the community offers an urban infill location where costs are a barrier to new construction. With select upgrades to common areas and apartment homes, our community can offer the prime location and stylish apartment housing that residents in this area are seeking. This community adds to the sizable portfolio we are re-establishing in the Atlanta Metro area, giving us an economy of scale in terms of management, in an area with excellent economic conditions and growth potential.”
This acquisition makes the 21st asset that Wilkinson Asset Management has managed in the Atlanta Metro market since 2011, and the 26th asset that Wilkinson Corporation has purchased there. Visit the property website here.