The 242-unit Wildcreek Apartments community in Clarkston was purchased for $34 million by Miami-based One Real Estate Investment (OREI).
The off-market transaction was facilitated by Berkadia, which secured $17.5 million of equity capital from MLG Capital on behalf of OREI. The remainder of the acquisition was completed by a loan assumption. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital secured MLG’s investment. Berkadia is a joint venture between Berkshire Hathaway and Jefferies Financial Corp.
Wildcreek is a class-B multifamily community that is 97% occupied. OREI intends to implement an interior and exterior value-add program on the Dekalb County asset. Planned interior improvements include stainless-steel appliances, updated lighting fixtures, resurfaced countertops, backsplashes, new cabinet fronts and vinyl flooring. Exterior upgrades are expected to comprise roof repair or replacement, fitness-center renovations, the addition of Amazon Lockers, new exterior lighting and new signage and rebranding.
“Our team prides itself on introducing like-minded sponsors and capital partners when arranging programmatic relationships,” Kirkpatrick said in a press release. “In today’s acquisition market, sponsors need to move quickly, and having a reliable capital partner is paramount. Wildcreek is the fourth acquisition for the partnership between OREI and MLG, and they plan to be active together in 2022 and beyond.”
Wildcreek was built in 1988 and is located at 100 Wild Circle. It offers one- and two-bedroom units ranging from 850 to 1,100 square feet, as well as a resort-style pool, fitness center, playground, tennis court, walking and biking trails and approximately 300 parking spaces.
“OREI remains bullish on the Atlanta MSA, with Wildcreek serving as our team’s third acquisition in the metro in 2021,” OREI CEO Jeronimo Hirschfeld said. “The Southeast Dekalb submarket’s demonstrated rent growth and a lack of upcoming new supply prompted OREI’s interest in Wildcreek and align closely with our team’s value-add investment strategy for the asset.”