Westmount Realty Capital announced the acquisition of Walton Ashwood, a Class A apartment community located at 1000 Ashwood Pkwy in the employment district Central Perimeter, home to 33 million square feet of office space, 6 million square feet of retail space and more than 40,000 residents. The 160-unit multifamily community in Dunwoody, a northern suburb of Atlanta, consists of one-, two- and three-bedroom units averaging 917 square feet. This is Westmount’s first multifamily property in Atlanta.
“Walton Ashwood offers a uniquely residential atmosphere in highly coveted Dunwoody, attracting affluent renters-by-choice who want in-town living in a neighborhood environment,” said Curtis Walker, Westmount’s managing director—multifamily acquisitions. “Its modern mid-rise construction, including 9-foot and 12-foot ceilings, will directly compete with newer, more luxurious options in the area. Our renovations will include new quartz countertops, modern cabinetry, lighting fixtures, gooseneck faucets, vinyl plank-style flooring, keyless entry locks and smart thermostats.”
Despite being built in 2008, the property, which will be rebranded as Westmount Ashwood, remains in 100 percent classic condition, a true rarity in today’s multifamily investment landscape. The property’s community amenities include a resort-style pool with water feature, an outdoor fireplace and seating area, summer kitchen with gas grill, state-of-art fitness center, elevators, dog walk access, valet trash pick-up, controlled access parking, on-site dry cleaning and a complimentary coffee bar.
“Central Perimeter is home to global and regional headquarters including Mercedes Benz, Cox Enterprises, UPS, Veritex, First Data, West Rock and State Farm, so the location can’t be beat,” said Brant Brown, president & COO of Westmount. “Rents in Atlanta are rising at an unprecedented pace due to the region’s strong population growth, consistently robust demand in urban, suburban and exurban areas and a cooling construction pipeline. Dunwoody, in fact, has taken a hard stance against apartment development, so this property will stay in-demand.”
Westmount has invested in Atlanta and the Southeast since 1992.
“We’ve historically been an owner of industrial assets in Atlanta and the Southeast U.S., and we’re excited to expand our multifamily portfolio in the region,” said Cliff Booth, founder and chairman at Westmount.
Walton Ashwood is in a uniquely serene, wooded area with easy access to metro Atlanta’s best schools, Interstate 285 and is walkable to numerous dining, retail and entertainment amenities. Nearby Perimeter Marketplace, set to open this month, will include fast-casual restaurants, healthcare tenants and renowned grocer, Publix. The property is also less than 1 mile from three MARTA stations, Atlanta’s public transit system that stretches more than 25 miles, beginning at North Springs station and ending at Hartsfield-Jackson International Airport.
Kevin Geiger of CBRE represented the seller in the transaction.