Source: Transwestern / #Apartments #Multifamily
ATLANTA, GA - Transwestern's Southeast Investment Services Group announced it brokered the disposition of the Westpark Club multifamily project for $10.25 million. The transaction includes 136 existing units in Phase 1 and a 6.62-acre parcel in Phase II. The garden-style community is located at 150 Westpark Drive in Athens, Georgia, and totals 151,112 square feet. Transwestern Managing Directors Mike McGaughy and Jon Kleinberg represented the seller, Martin Management. The property was acquired by Audubon Communities.
"Westpark Club is an exceptional investment for Audubon Communities," said McGaughy. "Athens' thriving community supports the Phase II development, which presents Audubon with the opportunity to nearly double the community size while implementing a renovation program on the existing units to increase the asset's value."
Built in 1997, Westpark Club Phase I offers a mix of spacious one- and two–bedroom units with an average unit size of 1,111 square feet. Floorplans feature crown molding, chair rails, six-panel doors, full-size washer and dryer connections and private balconies or patios, with vaulted ceilings and fireplaces in select units. Phase I encompasses 10.39 acres with a competitive community amenities package that includes a pool, fitness center, cyber cafe, two lighted tennis courts and a sand volleyball court. The Phase II tract is adjacent to Phase I.
The property's central location in Athens, home to the University of Georgia (UGA), provides exceptional access to Atlanta Highway/U.S.Route 78 and the Athens Perimeter/State Route 10. In 2011, Forbes ranked Athens first in Georgia and 51st in the nation among "Small Best Places for Business and Careers." Westpark Club is near major employment centers, including Athens Regional Medical Center and UGA, the region's single largest employer.