The fund's first acquisition is the 256-unit Westwood Apartments in Knoxville, TN, purchased for $8.45 million or $33,008 per unit. The seller's identity wasn't disclosed in a prepared statement.
The fund plans to buy $150 million in apartment properties over the next 18 months. Wilkinson Group owns or manages 7,100 apartment units, according to company president Jerry C. Wilkinson. Cecil D. Conlee is the founding partner of CGR Advisors which has participated in $4 billion worth of commercial real estate transactions.
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