The 610-unit Westhaven at Vinings apartment community in Atlanta’s Cumberland/Galleria submarket was acquired by a fund controlled by the Milestone Group real estate investment firm for an undisclosed amount.
Milestone plans to modernize the property through a value-add program that includes unit-interior upgrades and enhancements of property exteriors and other amenities.
“Westhaven at Vinings is a great addition to our portfolio,” Milestone vice president of acquisitions Jason Wise said in a press release. “The Cumberland/Galleria submarket’s historically strong demographics, as well as a limited new supply of garden-style apartments create a great opportunity for continued organic rent growth, especially upon completion of a targeted upgrade program of the units and amenities.”
Westhaven at Vinings was developed in three phases from 1985 to 1989 and includes a mix of one-, two- and three-bedroom units in a variety of layouts. Existing amenities include four swimming pools, two clubhouses, tennis courts and a dog park.
According to the release, the property is within 3.5-miles of the Cumberland Business District, Home Depot corporate headquarters, Cobb Galleria and the Battery, a 1.5 million-square-foot mixed-use development anchored by the Atlanta Braves’ Truist Park.
The deal marks the 10th acquisition for Milestone Real Estate Investors V LP, which held its final closing earlier this year after raising $750 million of institutional-capital commitments. Altogether, Fund V has acquired more than 4,000 apartments in the Sun Belt and Mid-Atlantic regions of the U.S.