ATLANTA, GA— Torchlight Investors & Wilkinson Corporation have acquired 32Hundred Lenox, a 431-unit apartment community in the heart of Buckhead. Travis Presnell, Tyler Averitt and Mike Kemether of Cushman & Wakefield represented the seller, Elite Street Capital, in the transaction.
“32Hundred Lenox is one of Buckhead's most unique opportunities, both current and long-term, as it's probably one of Atlanta's most high-profile, value-add deals this cycle,” Presnell says. “We expect a dramatic transformation of the property over the next couple of years.”
“This property is situated in a prime location within Buckhead, one of the strongest residential and commercial markets in the Atlanta area, and is well positioned to capture a significant amount of added value through the implementation of a strategic renovation and repositioning plan,” says Mike Butz, partner at Torchlight Investors, an independent investment advisor, focused on commercial real estate investments. “We are excited to be acquiring our second Atlanta multifamily community with Wilkinson, a highly experienced owner/operator with a demonstrated track record of success in the Atlanta area.”
Wilkinson Corporation's executive vice president of acquisitions and development, George Waymire, says “proven rent premiums for redeveloped units in this market make the community an excellent opportunity for a value-add addition to our portfolio.” Wilkinson Corporation is a real estate sponsor, focused on multifamily investments.
32Hundred Lenox, built in 1967, is strategically situated next to the Lenox MARTA station in the prominent Buckhead submarket. Located within walking distance of Lenox Square Mall and surrounded by luxury residential neighborhoods, 32Hundred Lenox is an exceptional “mid-century” residential asset enhanced by lucrative rent growth, which has been driven by its proximity to transit and upscale, period-friendly renovation, which is more than 40 percent complete.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
