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DECATUR, GA-Brooklyn-based Collins Group LLC has acquired the 734-unit Treecrest Apartments for $39 million and changed its name to Crestview to reflect the new ownership.

The seller was Atlanta-based Wilwat Properties and Cushman & Wakefield brokered the deal. Financing was provided by the Atlanta office of GE Commercial Credit. The complex is situated on a 65-acre site and includes amenities such as swimming pools, tennis courts, a fitness center with indoor pool, heated whirlpool spa and two racquetball courts. Units with one bedroom and one bathroom range in size from 550 sf to 885 sf and rent for $600 to $730. Units with two bedrooms and two and one-half bathrooms range in size from 1,060 to 1,354 sf and rent for $770 to $960.

“We believe that there will be long-term growth with this property,” Collins Group managing director and principal Ari Parnes tells GlobeSt.com. “This is an outstanding property in an area with dramatic growth offering the most luxurious amenities package in the area.”

The complex was constructed in 1990 and underwent extensive renovation in 2004, including full roof replacement and new exteriors. Collins does not have immediate plans for additional capital improvements to the property. “Wilwat built this property from the ground up and maintained it impeccably throughout their ownership tenure and it shows,” Parnes says.

Among reasons Collins acquired the property was the growth experienced in the area. The area within one mile of the complex saw 86% growth from 1990 to 2000. “Single-family homes in the area have already begun to reach $500,000 and will only continue to rise in value,” Parnes says.

Collins vice president of finance and acquisitions Jay Herman adds that the company plans to expand its Atlanta portfolio. This is the eighth complex the company has acquired in the Atlanta area within the past 15 months. Collins’ Atlanta portfolio consists of approximately 4,000 units with a value of more than $250 million. Several new acquisitions are pending. “We plan to double that number within the short-term,” Parnes says.

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