Westdale Investment Drops $15M on MF Complex

ATLANTA-Westdale Investment Partners LLC is purchasing Forest Hills at Vinings apartment complex here for $14.6 million. The 302-unit multifamily is currently 93% occupied.

Wrightwood Capital is divesting the 27.5-acre property from one of its funds. Both Westdale and Wrightwood count their headquarters in Chicago.

“We think this location and this asset are particularly well-positioned as Atlanta begins to enter its recovery phase,” says David Carlson, managing principal of Westdale Investment Partners, LLC. “Core locations are key as renters are concerned with traffic patterns. There is a real push to live closer to major employment nodes and Forest Hills certainly is appealing from that aspect.”

The property, built in 1980, is located at 3900 Paces Walk just off Cumberland Parkway. The complex has five floor plans of one and two bedroom combinations. The single-bedroom/single-bathroom plans are the Clairmont and Piedmont which range from $580-$600 or $599-$620 per month, respectively. The Briarcliff, Highland and Chastain units offer two-bedroom/two-bathroom combinations which range from $650 to $925 per month. Units go from 773 square feet to 1264 square feet, according to the Forest Hills website.

Kevin Geiger, Malcolm McComb and Paul Berry of CB Richard Ellis repped the seller.