The properties, Woodland Commons and 60 Jane Lane, contain a combined 114 units. Woodland Commons, located at 22 Forest Circle, was built in 2002, while 60 Jane Lane was built in 1986.
Financial details about the purchases were not provided, but Coweta County records indicate 10.9-acre Woodland Commons last changed hands in 2019 for $14.3 million, and its current assessment value is $11.5 million, while 15.8-acre 60 Jane Lane was most recently sold for $13.4 million in 2018 and is valued at $6.6 million.
At closing, TriWest assumed existing Freddie Mac financing, arranged a supplemental loan from Freddie Mac and brought in new equity, including an $8.1 million preferred equity investment from Miami-based apartment investor Pensam.
“These two properties represent an exciting opportunity for Pensam to invest with a strong sponsor, in a rapidly growing submarket with a value-add plan that was easily supportable,” said Ray Cleeman, Pensam principal and head of capital markets and lending. “In this transaction we were able to provide capital to a sponsor assuming agency loans and seeking to unlock incremental liquidity in their assets as they build to a long-term improvement thesis.”
The new owner plans to make “significant, multimillion-dollar value-add” capital improvements to the properties, with a focus on driving rental premiums to current property rates. Interior renovations include upgrades like granite countertops, new cabinets, stainless-steel appliances and vinyl-wood plank flooring. Upgrades to the exterior and common areas are also planned.