Avila Real Estate purchases Lakes at Windward, a 294-unit Community in Alpharetta, GA

Avila closed on the acquisition of Wesley at Windward (“WIN”) formerly known as Lakes at Windward, a 294-unit, Class B-, 1987 vintage garden-style apartment community located in the North Fulton area of Alpharetta, on September 28th, 2011.  The total purchase price equated to $19MM ($64k/unit) funded from an initial business plan of $9MM of equity and a $14.4MM debt facility (62% LTC | $49k/unit).

This acquisition represented a value-add investment strategy of an existing Class B- apartment community located in a Class “A” submarket with a rehab budget totaling $4MM ($14,000/unit) in order to renovate the community.