Berkadia has secured a JV equity partner for the off-market acquisition of Wildcreek Apartments, a 242-unit Class B apartment community, at 100 Wild Cir.
Chinmay Bhatt, Noam Franklin, and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up the equity partner, MLG Capital, on behalf of Miami-based One Real Estate Investment (OREI). MLG contributed $17.5 million in equity toward the $34 million acquisition as the property was purchased with a loan assumption.
OREI intends to implement an interior and exterior “value-add” program, including adding stainless-steel appliances, updated lighting fixtures, resurfaced countertops, backsplashes, new cabinet fronts, and vinyl flooring, and also make exterior upgrades such as roof repair/replacement, fitness center renovation, the addition of Amazon Lockers, exterior lighting, and new signage/rebranding.
“Our team prides itself on introducing like-minded sponsors and capital partners when arranging programmatic relationships,” Kirkpatrick said in a press release this week. “In today’s acquisition market, sponsors need to move quickly, and having a reliable capital partner is paramount. Wildcreek is the fourth acquisition for the partnership between OREI and MLG, and they plan to be active together in 2022 and beyond.”
Built in 1988, Wildcreek Apartments offers one- and two-bedroom units ranging from 850 to 1,100 square feet, along with a pool, fitness center, playground, tennis court, walking/biking trails, and approximately 300 parking spaces.
“OREI remains bullish on the Atlanta MSA with Wildcreek Apartments serving as our team’s third acquisition in the metro in 2021,” Jeronimo Hirschfeld, CEO of OREI, said. “The Southeast Dekalb submarket’s demonstrated rent growth and a lack of upcoming new supply prompted OREI’s interest in Wildcreek and align closely with our team’s value-add investment strategy for the asset.”