Wilkinson acquires its 20th multifamily property in Atlanta Metro area
Wilkinson Corporation is pleased to announce that on March 3, 2017, The Retreat at Arc Way in Northeast Atlanta (Norcross), GA was acquired with a purchase price of $24,800,000. The property consists of 25 two- and three story garden-style buildings with 284 total units. The acquisition was accomplished using private capital and financing from Fannie Mae debt, originating from Berkadia.
“We like the market opportunities in Atlanta,” Wilkinson executive vice president of acquisitions and development George Waymire said. “This property is located in Northeast Atlanta, in Gwinnett County, which is demonstrating significant growth in population and overall development to match.”
Gwinnett County is considered to be a premier location in Metro Atlanta for developing and conducting business, and is home to Fortune 500 and 1000 companies like AGCO, Rock-Tenn, and Asbury Automotive Group. Gwinnett County’s population of more than 895,800 is expected to grow 8.5% by 2021. The total population within five miles of the property is expected to grow to over 265,500 by 2021, an annual growth rate of 1.5%. The property is less than three miles from the Gwinnett Place Mall and the commercial real estate district near the Pleasant Hill Road-Interstate 85 intersection, giving its residents easy access to a wide variety of shopping, restaurants, services, schools, and recreation.
The Retreat at Arc Way offers six different floorplans, as well as popular amenities such as a swimming pool, fitness center, business center, sport court, movie room and picnic areas with grills.
This acquisition makes the 20th asset that Wilkinson Asset Management has managed in the Atlanta Metro market since 2011, and the 25th asset that Wilkinson Corporation has purchased there.
“Our value-add strategy includes increasing operational efficiency and performing select unit upgrades and capital improvements across the property, to increase net operating income,” said Wilkinson Asset Management president and COO, Kimra Holcomb. “This community increases 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.” Visit the property website here.