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Torchlight, Wilkinson Venture Acquires The Park on Windy Hill for $61 Million

New Owners Plan Upgrades for 1974 Apartment Community Near SunTrust Park
December 18, 2017
New York's Torchlight Investors today said it has acquired The Park on Windy Hill in Atlanta's Cumberland-Galleria submarket in partnership with Wilkinson Corp. of Yakima, WA.

The partnership paid $61 million for the 654-unit apartment community at 2121 Windy Hill Rd. in suburban Cobb County. The transaction marks the first joint venture investment for Torchlight and Wilkinson, though it is not expected to be the last.

Built in 1974, the garden-style community - previously known as Ashford Retreat - was 92.5% leased at the time the transaction closed in mid-November. The seller was RADCO Cos. The buyers secured financing in the amount of $47.2 million from Berkadia Commercial Mortgage LLC, according to CoStar Research.

Torchlight said, together with Wilkinson, it will add value to the community by investing in upgrades to the commons areas including the swimming pool, picnic area and sports courts. The new owners also plan to renovate interior spaces.

Torchlight and Wilkinson were attracted to The Park on Windy Hill partly because of its location in the area around SunTrust Park, the new home of the Atlanta Braves, and The Battery mixed-use development next to the stadium.

"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," Torchlight partner Mike Butz said in a press release. "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 in the future."

Paul Vetter and Andrew Mays of Berkadia Real Estate Advisors listed The Park on Windy Hill for sale.

The Torchlight/Wilkinson partnership paid $93,272 per unit for The Park on Windy Hill. That is comparable to other sales of large suburban Class B apartment communities in the Atlanta market.

In September, Real Source Commercial of Salt Lake City paid $48.4 million, or $100,000 per unit, for the Lake St. James Apts. in Conyers in the Rockdale County multifamily submarket, according to CoStar Research. Lake St. James, built in 2000, comprises 484 Class-B units.

For more information on Torchlight/Wilkinson's acquisition of The Park on Windy Hill, please see CoStar Comp #4064599.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   

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