Middleburg Communities has sold the 13-building Vesta Camp Creek in Atlanta to a group of private investors. The company had invested $10 million to fully reconstruct the formerly vacant multifamily property in Fulton County.
The 220-unit Vesta Camp Creek, located at 5100 Welcome All Road S.W., offers one-, two- and three-bedroom apartments, ranging from 714 square feet to 1,400 square feet. Amenities include above-standard ceiling heights, luxury vinyl tile flooring in the common spaces, new cabinetry, granite countertops, washer/dryer hookups, modern lighting fixtures and energy-efficient appliances.
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Vesta Camp Creek residents have access to conveniences that include landscaping, a clubhouse, a pool, a fitness center and laundry facilities in each building.
“Middleburg Communities took advantage of a strong market to put the property up for sale. We created a lot of value with these assets,” Michael Bediones, vice president of asset management with Middleburg, told Multi-Housing News.
The multifamily property was constructed in the mid-1970s but was abandoned, vacant and in deteriorating condition when Middleburg acquired it in 2019.
“Our construction team came in and completed a full reconstruction project. They took the buildings down to the studs, put in new roofs, new HVAC systems … We got the property stabilized,” Bediones said.
Vesta Camp Creek is near the intersection of I-85 and I-285, placing residents a few minutes from downtown Atlanta, Hartsfield-Jackson Atlanta International Airport and many of the area’s dining, entertainment and shopping options.
Middleburg owns two other multifamily properties in Atlanta, the 298-unit Vesta Adams Park, located at 1991 Delowe Drive S.W., and the 438-unit Vesta Bouldercrest, located at 26 Bouldercrest Lane S.E. The assets were purchased along with Vesta Camp Creek and were in similar dilapidated condition before also being thoroughly renovated.
Bediones noted the company is planning the ground-up development of multifamily properties in the Atlanta area.
“We have a pipeline of three or four multifamily sites in various stages of permitting and entitlement in the Atlanta area, north of the city,” he said.
Middleburg was represented in the sale by Travis Presnell, Mike Kemether, Wesley Lacefield and Wesley Kenney with Cushman & Wakefield.