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.”
One Response
This complex is definitely a rip off. LOOKS CAN BE DECEIVING! Ive lived here going on a year tomorrow and man let me just say its definitely been an emotional rollercoaster. From the RUSH of the quick move in to BUGS, broken water heaters, broken window seals, and more! All of these instances happened within 2 months of each other. Bugs were immediate upon move in, come to find out PEST CONTROL were actually attracting more bugs rather than getting rid of it. Their Maintenance team as NO IDEA what they are doing and every time they have to reach out to a third party vendor, they all say the same thing. they DO NOT UNDERSTAND the importance of proper living conditions. The LEASING TEAM has no since of urgency or remorse and its inhumane. ALOT OF BROKEN PROMISES. Oh yeah and their favorite line is, let me double check and give you a call back. Which brings us to inflation…. $400 rent increase for our front gate still not working( we’ve had car break ins, apartment break ins), NO POOL ACCESS (over a year and its 98 degrees daily), Emergency Maintenance ( lol forget about it, might as well wait until “normal business hours.” Just a complete disaster. If you are going to spend $1400 on rent PLEASE PLEASE PLEASE keep looking! you will find better for your money.NEW MANAGEMENT ISNT ANY BETTER! Nothing has been done! BROKEN/FAILED PROMISES