Courtesy of The Halsten at Vinings Mountain.
The 440-unit Stone Ridge at Vinings garden-apartment community was sold in January for $97.2 million, according to Cobb County property records.
The property, which opened in 1973, was renamed The Halsten at Vinings Mountain, and the new owner plans $8.8 million in capital investments to upgrade the community’s exteriors and modernize and renovate unit interiors, according to a press release.
Courtesy of The Halsten at Vinings Mountain.
The purchaser, identified in property records as LC Halsten LLC, used an $83.3 million bridge loan to support the transaction. The property is located at 3000 Cumberland Club Drive in Vinings and encompasses 452,385 square feet. Community amenities include a pool, fitness center and dog park.
“Market conditions in the Atlanta area are excellent for multifamily investment,” said Michael Muller, a senior managing director at Eastern Union, which secured the bridge loan. “National employers in the area are expanding. At the same time, national, out-of-town employers are moving operations into the area. With all this job growth combined with a substantial, incoming workforce, many properties are full and carry waiting lists.”
Courtesy of The Halsten at Vinings Mountain.