ASB Real Estate Investments and RPM Living Investments are partnering for the first time to acquire a 680-unit property in Atlanta. ASB acquired The Residences at Vinings Mountain for $204 million on behalf of its Allegiance Real Estate Fund. The seller was Hamilton Zanze, who acquired the garden-style community in February 2017 for $109 million.
The community was built on 53.5 acres with its one-, two- and three-bedroom units spread across 34 residential buildings that are separated into three distinct communities. The units have walk-in closets and a balcony or porch, with some offering fireplaces and select having 13-foot vaulted ceilings. Each of the three communities also have their own pool, clubhouse and fitness center.
The Residences at Vinings Mountain is located in Atlanta’s Vinings submarket, which has become one of the city’s most attractive locations for young professionals, Mary Murphy, senior vice president at ASB, said in prepared remarks. The new ownership is also planning to do selective interior upgrades and improve the common area amenities. The community is currently 94 percent leased.
GROWING ITS WORKFORCE HOUSING PORTFOLIO
Murphy also said in prepared remarks that the acquisition of The Residences at Vinings Mountain was part of the firm’s strategy to acquire more workforce housing in high-growth markets. With its latest acquisition, ASB now has $2.4 billion in apartment investments across major U.S. metros, totaling 5,846 units. The portfolio includes workforce housing communities in Austin, Texas; Raleigh, N.C.; and Orange County and Inland Empire in California. In September, ASB acquired a 521-unit garden-style community in Rancho Cucamonga, Calif., for $227 million.
As for RPM, the firm acquired 13 communities last year, located throughout six different cities across the Sun Belt region for a total of roughly 3,600 multifamily units. Now, the RPM portfolio has a market value of roughly $3 billion, primarily made up of communities in fast-growing Southern and Southeastern markets in the U.S.