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.
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