HMI already owns Southern Pines, the apartment community next door. Don Inman, president of HMI, said in prepared statement that owning the adjacent apartment complex eliminated location risks in the deal because the company knew the market so well.
This acquisition is MHI's fifth purchase in the metro area within the past 12 months. The company now owns and manages more than 3,000 apartment units in and around Atlanta.
Wynfield built the apartments in 1968 and completed a $3-million renovation four years ago. The complex will be renamed Kensington Manor Apartments to emphasize its location across from the Kensington MARTA station.
Wynfield has shifted its focus more to development and currently has four projects underway.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
