5 things to know about The Kirkwood apartments by AtlantaMagazine.com→

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What’s the big idea?
With thousands of apartments popping out of Atlanta’s red clay like multifamily moles, Avila Development (formerly Euramex Management Group) found what they believe is a burgeoning yet underserved market in historic Kirkwood. In 2013 and 2014, the group assembled land—an overgrown field and a smaller, aging apartment complex—a block from the neighborhood’s commercial core and began a lengthy rezoning process to deliver Kirkwood’s only market-rate rental community.

What’s next
Construction began this year on the Kirkwood, a mid-rise, brick-faced collection of 232 apartments with amenities that’ll include a pool courtyard, clubroom, and greenspace with a walking trail. The first units are expected to open in November 2017.

Affordability
The complex is being marketed as a more affordable option than new multifamily offerings in neighborhoods such as Midtown. Average rents are projected to be $1,450. Expect 125 one-bedroom units (904 square feet, on average) and 107 two-bedrooms (1,225 square feet).

Shopping, too?
Actually, no. The Kirkwood is all about residential—a rarity in this development cycle.

Commercial impact
Jetha Wagner, Avila Development vice president, says the injection of so many new residents has the potential to bolster the local businesses in Kirkwood.

This article originally appeared in AtlantaMagazine.com January 2017 issue.

Source link: www.atlantamagazine.com/news-culture-articles/5-things-know-kirkwood-apartments/

Avila Real Estate Sells Two Property Portfolio

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Avila Real Estate is pleased to announce the sale of two apartment communities —  Circa 400 and Ecco 400 Apartments in August 2016.  Located at the intersection of Northridge Road and GA 400, the communities were originally built between 1979 and 1980.  Avila purchased the communities totaling 608 units in 2012, renovated both leasing centers and approximately 55% of the units during its ownership period.  Jones Lang LaSalle served as broker for the transaction. 

Avila Real Estate sells Wesley at Windward

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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

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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.