Greystar Acquires 400-Unit Multifamily Property in Popular Atlanta Suburb
ATLANTA – October 8, 2019 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality rental housing properties, today announced the acquisition of The Columns at Akers Mill (the “Property”), a 400-unit, garden-style multifamily community situated in the popular Atlanta suburb of Vinings, on behalf of its affiliates. The purchase presents an opportunity to acquire a well-located asset with value-add potential in a top-performing southeastern market where Greystar has built a sizeable portfolio.
“We know the Atlanta market extremely well and were immediately drawn to this acquisition opportunity given the Property’s location, as well as the area’s strong employment fundamentals and favorable supply/demand dynamics for high-quality rental housing,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “We have developed a strategic plan to maximize asset value and enhance resident experience through an infusion of capital and the implementation of property management best practices. Our vertically integrated team is well positioned to execute on this opportunity.”
Originally completed in 1968 and significantly upgraded in 1994, The Columns at Akers Mill is located at 2383 Akers Mill Road SE, in close proximity to major employment hubs including Cumberland/Galleria, Buckhead, Midtown and Perimeter Center. Large corporations such as Home Depot, Thyssenkrupp, HD Supply, Delta Community Credit Union and Genuine Parts have headquarters in the Cumberland/Galleria area, which is located just two miles from the Property. The recent delivery of more than 17 million square feet of office space is expected to attract other growing businesses and top talent to the region. Moreover, the numerous dining, shopping and entertainment venues that surround the Property including The Battery, a mixed-use lifestyle center surrounding The Atlanta Braves stadium, makes its location highly desirable.
Greystar plans to implement a capital improvement plan and will take over management of The Columns at Akers Mill to attempt to unlock embedded value. The capital improvement plan includes comprehensive updates to residences, including replacing dated appliances and cabinets and upgrading finishes including lighting, plumbing and hardware fixtures. Greystar will also overhaul the Property’s common areas and amenity spaces – which include a fitness center, a pool and numerous courtyards.
As the nation’s largest apartment operator with approximately 500,000 units under management, Greystar currently owns more than 2,800 units in Atlanta and manages nearly 17,600 more in the market. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout Atlanta.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $150 billion of real estate in over 185 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $35.8 billion of assets under management, including nearly $13.9 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
ICR on behalf of Greystar
Greystar Unveils New Corporate Headquarters
Greystar Hires Moreo Rivera as Director of Development for University Partnerships
Greystar Announces $2 Billion Final Close for 10th U.S. Multifamily Value-Add Real Estate Fund
Stacy Hunt, Executive Director at apartment manager Greystar, on amenities, affordability and Airbnb
Greystar Acquires 134-Unit Student Housing Property in Chicago