ATLANTA-Chicago- based ACG Equities Inc. purchased Vinings Main, a mixed-use commercial and residential condominium development in an Atlanta suburb for $24 million cash. The acquisition represents the first allocation from ACG Equities’ $150 million Midwest-based private equity fund. The fund is capitalized by an unnamed, $6 billion hedge fund. Officials at ACG say that the purchase is the first in a planned series of acquisitions.

The Vinings Main project is located just inside the Perimeter on Paces Ferry Rd. in Cobb County northwest of Atlanta. The parts of the development that ACG bought are: 145 residential condominiums ( only three of 148 had been sold by the original developers, Atlanta-based Wood Partners and The Columns Group) and 17,000 square feet of retail condominium space plus a 461-space parking deck. Another 34,000 square feet of office condominiums had been sold before the ACG purchase.

The original developers, who finished the Vinings Main condominiums in 2008, spent an estimated $57 million on the development. A 16-acre gated community, the Vinings Main was originally planned with 229 luxury residential units--148 residential condominiums in three mid-rise buildings and 81 three and four-story brick townhouses. The townhouses were not part of the ACG acquisition.