STONE MOUNTAIN, GA-Brooklyn, NY-based Collins Group LLC is spreading its presence in metro Atlanta apartment investment circles with its sixth acquisition this year. Collins paid Denver-based Aimco $7.75 million, or $34,598 per unit, for the 224-unit, 20-year-old Weatherly Apartments in this Atlanta suburb.
In a prepared statement, Jay Herman, Collins' vice president of acquisition and finance, says the company's asset base value will exceed $150 million by year's end. Collins' apartment portfolio totals 3,500 units. The Weatherly acquisition is the company's second in DeKalb County. Collins previously acquired the 226-unit Retreat apartments from America First Apartment Investors in Doraville.
Herman says the deal was done at this time because "Downtown Atlanta is one of the most dynamic areas in the region for business development and Stone Mountain is one of the largest tourist attractions in the Southeast." Both locations are "within a short drive of Weatherly--Downtown is only 10 minutes away," Herman adds.
Other metro properties owned by Collins are the 448-unit Lake Sweetwater Apartments in suburban Lawrenceville and the 786-unit Worthing portfolio in Atlanta.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
