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Middleburg Disposes Atlanta Multifamily for $42M after $6M Rehab
Vienna, VA-based Middleburg Communities has completed the $42-million sale of Vesta Adams Park, a 298-unit apartment community at in Atlanta, GA to Baltimore, MD-based Brentwood Investment Group, LLC.
Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney of Cushman & Wakefield represented seller Middleburg in the transaction.
Middleburg acquired the community in May 2019 as part of a workforce housing portfolio acquisition. At the time it was purchased, Vesta Adams Park was in a state of extreme disrepair and only 17% occupied. Middleburg invested approximately $6 million to rehabilitate and renovate the property, resulting in a rapid lease-up and 95% occupancy and 96% leased status at the closing of the sale.
“Vesta Adams Park is another example of Middleburg’s commitment to taking desolate assets that are unattractive to residents and non-contributors to the larger community and investing capital along with strong management and new community connections to bring these apartments to life,” said Michael Bediones of Middleburg.
Photo courtesy Middleburg Communities
- ◦Sale/Acquisition
