ECI Group Sells Atlanta Community

ECI Group is promoting off extra of its Georgia communities for 1031 exchanges with the sale of The Columns at Vinings. Traders Administration Group acquired the 320-unit group in Atlanta from ECI Group for $71.5 million, in keeping with Yardi Matrix information.

Jimmy Baugnon, CIO at ECI Group, instructed Multi-Housing Information that the agency might be utilizing this sale to do a 1031 alternate for a more recent South Carolina group that was in-built 2017. Baugnon additionally instructed MHN that the alternate is predicted to shut later this month.

In-built 1985, The Columns at Vinings gives one- and two-bedroom items that vary from 590 to 942 sq. ft. The items have oversize closets, prolonged vanities and personal balconies and patios, whereas the group’s facilities embrace a clubhouse, canine park, health heart, resident lounge, pool, enterprise heart and lighted tennis courts. The group was 95 p.c occupied on the time of closing, Baugnon instructed MHN.

Positioned at 1900 Tamarron Parkway SE, The Columns at Vinings is lower than 3 miles from The Battery and Truist Park, and roughly 13 miles from the numerous restaurant and retail choices in downtown Atlanta. The group’s location in Atlanta’s northwestern suburbs places it close to 25.7 million sq. ft of workplace house inside a 5-mile radius of the property. The world’s main employers embrace House Depot, Papa Johns, Wellstar Vinings Well being Park, Smyrna Market Village and IBM.

Greater than half of the items renovated

ECI Group was capable of convey The Columns at Vinings to close full occupancy after first buying the group in October 2017. Throughout its possession, the agency upgraded the unit interiors and modernized the frequent facilities. Baugnon instructed MHN that ECI Group renovated 190 items, outfitting them with new paint, flooring, quartz counter tops, stainless-steel undermount sinks, stainless-steel home equipment, a subway-tiled backsplash, and upgraded {hardware} and lighting.

For ECI Group, the sale of The Columns at Vinings is a part of the agency’s technique to recycle capital from present belongings into new multifamily investments. Alongside the identical technique, ECI Group bought two of its Georgia belongings for $125 million in January in 1031 alternate offers. The agency continues to be engaged on constructing out its Atlanta-area portfolio although, not too long ago beginning work on the 335-unit Averly East Village together with its associate Phoenix Capital.