Harbert United States Real Estate Fund V sells Forest Hills at ViningsChristy Perkins
Harbert United States Real Estate Fund V L.P. (HUSREF V), in conjunction with Audubon Communities, recently sold Forest Hills at Vinings, a 302-unit, Class B+ multifamily asset located in the Vinings submarket of Atlanta.
Shea Campbell, senior vice president at CBRE, represented HUSREF V and Audubon in the sale to Sunbelt Residential.
Acquired in October 2014, the HUSREF V and Audubon implemented a major interior and exterior value-add renovation program to upgrade and reposition the asset at an attractive rent relative to newer properties. Capital improvements focused on modernizing the exterior and amenities at the property including new energy efficient windows and doors, a complete re-siding of the property exterior along with new privacy fencing and a new, more contemporary entrance canopy over the townhome apartments.
Amenity upgrades included upgrading the pool area, relocating the dog park and creating a new park with an outdoor patio and grilling stations, a fire pit and a sitting wall. HUSREF V and Audubon also built a new stand-alone amenity building that houses a state of the art fitness center and a luxury resident lounge overlooking the new park, patio and swimming pool.
Unit interiors received upgraded trim and flooring that incorporated more modern finishes, while select units received all new cabinets with granite countertops and stainless steel appliances. Sunrooms were also reconfigured to provide more comfortable and useable space for residents.
Sunbelt Residential, a joint-venture operating platform between Sage Equities and First Communities Management Company, executes a Class B multifamily value-add strategy throughout the Sunbelt markets. Sage and FCM together plan and execute a capital improvement and management repositioning program to lift each property to the “next best” upper quartile of the competitive set.