Covenant Capital Group Fund Acquires Lakes at Vinings
Nashville, Tennessee– Covenant Capital Group, LLC today announces the November 17th acquisition of Lakes at Vinings apartment community in Atlanta, Georgia.
A Commingled fund Managed by Covenant Capital Group has acquired Lakes at Vinings, a 464 unit apartment community for $24.75 million from a publicly traded REIT. This is the eighth asset acquired in the $140 million Fund. Bell Partners out of Greensboro, NC will manage the property. Grandbridge Real Estate Capital arranged the $19.84 million loan provided by Fannie Mae. The fund will target additional value-add investments in apartment communities throughout the United States.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “Lakes at Vinings represents the opportunity to acquire an A+ located asset that has historically under-performed the market due to outdated interiors and lackluster amenity offerings. Covenant’s asset strategy will be to substantially enhance the resident amenities as well as update the interiors to better leverage the exceptional location while commanding the considerably higher rents currently achieved by competitors in the market.”
Covenant Capital Group Fund Acquires Lakes at Vinings
Nashville, Tennessee– Covenant Capital Group, LLC today announces the November 17th acquisition of Lakes at Vinings apartment community in Atlanta, Georgia.
A Commingled fund Managed by Covenant Capital Group has acquired Lakes at Vinings, a 464 unit apartment community for $24.75 million from a publicly traded REIT. This is the eighth asset acquired in the $140 million Fund. Bell Partners out of Greensboro, NC will manage the property. Grandbridge Real Estate Capital arranged the $19.84 million loan provided by Fannie Mae. The fund will target additional value-add investments in apartment communities throughout the United States.
Jeff Seiters, Senior Vice President of Covenant Capital Group said: “Lakes at Vinings represents the opportunity to acquire an A+ located asset that has historically under-performed the market due to outdated interiors and lackluster amenity offerings. Covenant’s asset strategy will be to substantially enhance the resident amenities as well as update the interiors to better leverage the exceptional location while commanding the considerably higher rents currently achieved by competitors in the market.”