NEW YORK, NY - Torchlight Investors today announced it has partnered with Wilkinson Corporation in the acquisition of a garden-style apartment complex located in Marietta, Georgia, approximately 15 miles northwest of the Atlanta CBD.
The 654-unit complex consists of 26, two- and three-story residential buildings situated on 42 acres. The community offers multiple common area amenities including a clubhouse, barbeque/picnic area, fitness center, business center, swimming pool and playground. The property’s unit mix includes four different layouts ranging in size from 750 square feet to 1,180 square feet. The apartments feature open concept floor plans, over-sized living rooms, ample closet space and private patios or balconies for both one and two bedroom options.
The property is conveniently located along I-75, I-285 and I-20 with connectivity to Atlanta’s public transit system, the MARTA. Additionally, the recently developed “Battery Atlanta”, located just two miles from the community, features a 1.5 million square foot mixed-use lifestyle center and is home to the Atlanta Braves new 41,000 seat stadium, SunTrust Park. Upon completion, the $1.2 billion project will include 400,000 square feet of shopping, dining and nightlife, a 4,000 seat concert venue, a 300,000 square foot Class-A office tower anchored by Comcast, a 260-key Omni Hotel, and more than 600 residential units.
Torchlight and Wilkinson’s plan for the complex includes a value-add strategy with upgrades to common areas including the swimming pool, picnic area and sports courts as well as interior renovations including new cabinetry, granite countertops, stainless steel appliances and the addition of washers and dryers. “Located in a well-established submarket and in close proximity to the expanding Battery Atlanta, this property is well positioned to capture significant upside through the value-add renovation and repositioning. We are excited to start a new relationship with Wilkinson, an experienced owner/operator in the multifamily space, and we look forward to pursuing additional opportunities with them in the future” said Mike Butz, Partner at Torchlight.
About Torchlight Investors: Torchlight Investors is an independent investment advisor, focused on commercial real estate investments. Since its inception in 1995, Torchlight has acquired over $20 billion in public and private commercial real estate investments. Torchlight has $3.5 billion of assets under management. Torchlight’s affiliate, Torchlight Loan Services, is the named special servicer on $12.9 billion in CMBS and manages over $1 billion of distressed commercial real estate loans.
About Wilkinson Corporation: Wilkinson Corporation is a real estate sponsor, focused on multifamily investments. Since its inception in 1992, Wilkinson has acquired/developed nearly $1 billion in commercial real estate. Wilkinson’s affiliate, Wilkinson Asset Management, is a property management company with nearly 5,000 units under management.