“This community is a perfect fit for our Metropolitan Lifestyle Collection renters. The company aims to fold the community into their Metropolitan Lifestyle Collection, multifamily communities catering to professionals looking for stylish living spaces and premium amenities in the heart of the action of prime neighborhoods. Wilkinson Corporation’s Executive Vice President of Acquisitions and Development, George Waymire observed that “proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio.” Wilkinson and Torchlight plan to invest nearly $13 million to complete the renovation, overhauling the grounds and existing amenities to create a resort-style pool and sundeck area, a Paw Park for pampered pets, and an outdoor living area with grilling kitchen, fire pit, and community garden for resident use, as well as completing high-quality luxurious interior remodels. Built in 1961, the community has undergone an approximately $6 million partial renovation since 2015. The 14-acre, gated site houses 431 mid-century modern apartments spread across 6 buildings, as well as a business office, fitness center, and courtyard with two swimming pools. We expect that demand for rental housing will continue to grow given this is one of the country’s most expensive residential housing markets,” said Wilkinson Asset Management’s COO and President, Kimra Holcomb. “This is a prime location within a high growth market. The community is situated in one of Atlanta’s core locations, walkable to the upscale Lenox Square Mall, Phipps Plaza, and the MARTA Rail Lenox Station. Wilkinson Corporation’s affiliated property management entity, Wilkinson Asset Management, has undertaken management of the community.
Cushman & Wakefield brokerage represented the seller, Elite Street Capital.
A joint venture between Wilkinson Corporation (Yakima, WA) and Torchlight Investors (New York, NY) resulted in the acquisition of 32Hundred Lenox, a luxury midrise conventional multifamily community in the upscale Buckhead area of Atlanta this week.
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