The fund's first acquisition is the 256-unit Westwood Apartments in Knoxville, TN, purchased for $8.45 million or $33,008 per unit. The seller's identity wasn't disclosed in a prepared statement.
The fund plans to buy $150 million in apartment properties over the next 18 months. Wilkinson Group owns or manages 7,100 apartment units, according to company president Jerry C. Wilkinson. Cecil D. Conlee is the founding partner of CGR Advisors which has participated in $4 billion worth of commercial real estate transactions.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
