Atlanta residential developer ECI Group sold the 320-unit Columns at Vinings apartments complex to Investors Management Group as it continues to recycle assets to fund new development.
Financial terms were not disclosed, but Cobb County records show ECI purchased the 37-year-old community for $38.8 million in October 2017. Since then, ECI upgraded apartment interiors and community amenities, which include a swimming pool, clubhouse, fitness center, lighted tennis courts and more.
“The sale of The Columns at Vinings will allow ECI to continue its successful strategy to recycle capital from existing assets and exchange it into new multifamily investments,” ECI Chief Investment Officer Jimmy Baugnon said in a news release.
Located at 1900 Tamarron Parkway in northwest suburban Atlanta, the Columns is near numerous corporate headquarters and The Battery and Truist Park.
“Between the improvements to, and repositioning of, the property consistent with our business plan and the many positive redevelopments that occurred in Smyrna to the north and the Atlanta Road/Marietta Boulevard corridor to the south, this turned out to be a very successful investment for ECI,” Baugnon added.
ECI has been quite active around Atlanta recently. It sold the 410-unit Chatsworth Apartments community in Chamblee for $87 million in July and started work on the $101 million Averly East Village apartment complex in East Roswell in June.
Mike Kemether and Travis Presnell of Cushman & Wakefield represented ECI in the sale.