$10M Redevelopment Preludes Sale of Atlanta Multifamily Community
Vienna, VA-based Middleburg Communities has disposed of Vesta Camp Creek, a 220-unit apartment community on Welcome All Road in Atlanta, GA.
Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield for represented Middleburg in the transaction.
According to the company, Middleburg acquired the property in May 2019 and invested more than $10 million in the redevelopment of the previously vacant and deteriorated 1975-vintage asset into a community that achieved stabilization with 98% units leased by November 1, 2020.
“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,” said Michael Bediones of Middleburg Communities.
All 220 units received new interiors and exteriors as well as new electrical, plumbing and HVAC systems. The clubhouse and fitness center were rebuilt, and new laundry facilities and landscaping were added.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.