Middleburg Communities, a Vienna, Virginia-based real estate investment, development, construction, and management firm announces the sale of Vesta Adams Park, a 298-unit apartment community at 1991 Delowe Drive, SW, in Atlanta, GA to Brentwood Investment Group, LLC for $42 million. Middleburg acquired the community in May 2019 as part of a workforce housing portfolio acquisition. At the time it was purchased, Vesta Adams Park was in a state of extreme disrepair and only 17% occupied. Middleburg invested approximately $6 million to rehabilitate and renovate the property, resulting in a rapid lease-up and 95% occupancy and 96% leased status at the closing of the sale.
“Vesta Adams Park is another example of Middleburg’s commitment to taking desolate assets that are unattractive to residents and non-contributors to the larger community, and investing capital along with strong management and new community connections to bring these apartments to life,” said Middleburg Communities Vice President of Asset Management, Michael Bediones in a statement. “We were thrilled with the response to the property as the quality of the renovation became evident while rents remained highly affordable.”
Vesta Adams Park underwent an extensive renovation that included new roofs, new windows, new exterior siding and LED lighting and the gut renovation of all unit interiors with new HVAC systems, energy-efficient appliances and new cabinets, countertops, flooring, fixtures, and finishes. In addition, Middleburg constructed a new community center, a new playground, and added a Sports Court and renovated the laundry facility.
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JLL does not like women. But congrats to Perimeter Town Center! This project has been a long time coming.