October 10, 2019
Charleston, SC-based Greystar Real Estate Partners, LLC acquired The Columns at Akers Mill, a 400-unit multifamily community situated in Atlanta’s Vinings suburb, on behalf of its affiliates. The seller was reportedly ECI Group. The well-located garden-style asset has value-add potential in a top-performing southeastern market where Greystar has built a sizeable portfolio.
Greystar’s Kevin Kaberna says, “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.”
Originally completed in 1968 and significantly upgraded in 1994, the community is located at 2383 Akers Mill Rd. SE, near major employment hubs. Greystar plans to implement a capital improvement plan and will take over property management to attempt to unlock embedded value. The capital improvement plan includes comprehensive updates to residences, as well as an overhaul the property’s common areas and amenity spaces.
For comments, questions or concerns, please contact Dennis Kaiser