ATLANTA-The 302-unit Forest Hills at Vinings apartment complex has been acquired with $24 million in financing.

The buyer, a joint venture between a Chicago-based developer and a locally based developer, specializes in the development, construction and marketing of retail and residential urban properties nationwide. Chicago-based Wrightwood Capital provided the financing, which funded a portion of the acquisition cost. The company structured a high leverage first mortgage loan to facilitate the acquisition and repositioning of the asset.

This was the first transaction between Wrightwood Capital and the buyer, Wrightwood Capital senior director of investments John L. Davis tells GlobeSt.com. "It's a solid apartment deal with excellent financials," Davis says. "It also offers the potential for a condo conversion project in the future."

Forest Hills at Vinings, located off of Cumberland Parkway on Paces Walk Road in the Vinings area of Atlanta, features one- and two-bedroom units ranging from 773 sf to 1,264 sf. Built in 1980, the complex is comprised of two- and three-story woodframe buildings and recently underwent extensive exterior renovations.

Vinings has become more attractive to buyers due to the lower taxes in Cobb County. "The location of this project makes it appealing in Atlanta," says Wrightwood Capital central regional director Cheri Grossman. "Forest Hills at Vinings has the competitive advantage of being located close to Atlanta, yet situated in a residential neighborhood, in an area where there is limited land and consistent demand for housing."