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.

 

Wesley Apartment Homes Acquires Post Dunwoody, 530 Units in Atlanta, Ga

/ Dunwoody Station/

May 4, 2009
FOR IMMEDIATE RELEASE
Media Contact:
MTS Realty Group, LLC
Hassan M. Tayara
HTayara@MTSRealty.com

WESLEY APARTMENT HOMES ACQUIRES POST DUNWOODY, 530 UNITS IN ATLANTA, GA 

On April 30, 2009, Wesley Apartment Homes closed on its purchase of Post Dunwoody Apartments for a sale price of $47.4 million.  Renamed Dunwoody Station Apartments, the 530-unit Class-A community built in the late 1980’s and mid 1990’s, is located in the Atlanta Perimeter area on Peachtree Dunwoody Road.  The acquisition is a 50/50 joint venture between Wesley and Westplan.  CBRE represented the seller and Hassan M. Tayara from MTS Realty of Atlanta represented the purchaser in this transaction.

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