Three years and $10 million in renovations later, a Virginia investor has sold the 220-unit Vesta Camp Creek community in South Fulton.
The 1975-vintage townhomes were vacant and deteriorating when Vienna-based Middleburg Communities purchased the property and embarked on an extensive redevelopment campaign. Financial details of the recent sale were not disclosed, but Fulton County records indicate it was purchased for $8.5 million in May 2019.
“When Middleburg acquired Vesta Camp Creek, we quickly engaged our entire team to transform the property, which in some areas had been gutted to the studs and abandoned, into much-needed attainable apartments for working families in Fulton County,” Middleburg vice president of asset management Michael Bediones said in a press release. “We hit every milestone and we are extremely proud of the team’s execution of our business plan, despite delivering during the pandemic.”
The redevelopment included new interiors and exteriors for all apartments, as well as new electrical, plumbing and HVAC systems. The community’s clubhouse and fitness center were completely rebuilt and new landscaping and laundry facilities were added.
The asset was stabilized with 98% occupancy by Nov. 1, 2020. Middleburg is a fully integrated apartment development, investment and management firm that “embraces people, property and partnerships to enhance the lives of others, contribute positively to its neighborhoods and maximize real returns for partners.”
Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield represented Middleburg in the property sale.