VININGS, GA - Toronto-based Sutter Hill Acquisition Corporation has acquired The District at Vinings Apartments in Metro Atlanta for $68.75 million. Sutter Hill intends to spend up to $7 million renovating the 464-unit multifamily community, which is located on almost 38 acres in the heart of the Vinings area. The transaction closed June 16, 2016.
The District at Vinings Apartments is located at 2800 Paces Ferry Rd S.E., Atlanta, 30339, less than three miles from SunTrust Park -- the new stadium for Atlanta's Major League Baseball team, the Braves -- and The Battery Atlanta, which is expected to be one of the nation's top sports, shopping and entertainment venues. The apartments are also near Home Depot headquarters, the Cobb Energy Performing Arts Center, the Cobb Galleria and quaint Vinings Village.
"This is a dominant asset in a dominant location," said Sutter Hill Acquisition President and CEO Karim Kanji. "It also has a walkability score in the 90s, which is unusual for most properties in Atlanta."
Stonemark Management will manage the pet-friendly community and supervise the renovations -- which will include a state-of-the-art clubhouse, expanded fitness center, enhanced landscaping and upgraded exteriors. The existing walking trails, fountains and decks already enhancing the community's many lakes will also be expanded and improved. The interiors of the individuals apartments have granite countertops, new appliances, vinyl plank flooring and new lighting.
"We believe the strength of the location and the physical improvements that the owner is planning will make this property even more desirable," said Stonemark President Walt Lamperski.
The Sutter Hill Group of Companies is a family-owned, global real estate investment company, based in Toronto, with holdings in Canada, the U.S. and Europe. Sutter Hill currently owns 1,264 apartment units in Atlanta, with an asset value of $150 million.
The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeast, Texas and Virginia. The group includes Atlanta-based Stonemark Equities and Stonemark Management.