Avila Real Estate sells Wesley at Windward

JLL’s Capital Markets experts today announced the sale of Wesley At Windward, located in Atlanta’s suburb of Alpharetta, in North Fulton County. Boston Capital purchased the asset for $35.5 million.

Managing Directors David Gutting and Derrick Bloom led the JLL team on the transaction.

“Wesley At Windward’s unparalleled location near Avalon’s new $600 million mixed-use development and downtown Alpharetta’s $31 million redevelopment caters exactly to what today’s renters are seeking: an environment where they can live by their work and be conveniently close to retail, shopping and dining,” said Gutting.

Added Bloom, “There is limited competition in this submarket and an incredible opportunity for the new owner to capitalize on a value-add property.”

The 294-unit, garden style apartment is located in the North Fulton submarket, north of Atlanta. Units feature apartment and townhouse floor plans with custom interiors, large balconies and open kitchen space. Community amenities include two resort-style swimming pools, a 24-hour fitness center, tennis courts, two natural on-site lakes, a dog park and a playground.

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.