Cushman & Wakefield has arranged the sale of 32Hundred Lenox, a 431-unit apartment community located in the heart of Atlanta’s upscale Buckhead neighborhood. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield represented the seller, Elite Street Capital, in the transaction. Torchlight Investors & Wilkinson Corporation acquired the property.
“32Hundred Lenox is one of Buckhead’s most unique opportunities, both current and long-term, as it’s probably one of Atlanta’s most high-profile, value-add deals this cycle,” Presnell said. “We expect a dramatic transformation of the property over the next couple of years.”
“This property is situated in a prime location within Buckhead, one of the strongest residential and commercial markets in the Atlanta area, and is well positioned to capture a significant amount of added value through the implementation of a strategic renovation and repositioning plan. We are excited to be acquiring our second Atlanta multifamily community with Wilkinson, a highly experienced owner/operator with a demonstrated track record of success in the Atlanta area,” said Mike Butz, Partner at Torchlight Investors.
Wilkinson Corporation’s Executive Vice President of Acquisitions and Development, George Waymire, observed that “proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio.”
32Hundred Lenox, built in 1967, is strategically situated next to the Lenox MARTA station in the prominent Buckhead submarket. Walkable to Lenox Square Mall and surrounded by luxury residential neighborhoods, 32Hundred Lenox is an exceptional “mid-century” residential asset enhanced by lucrative rent growth, which has been driven by its proximity to transit and upscale, period-friendly renovation, which is more than 40 percent complete.