BROOKLYN, N.Y., Dec. 15, 2005 (PRIMEZONE) -- Ari Parnes, Managing Director of Collins Group LLC, announced today the Group's acquisition of Weatherly Apartments, a 224-unit community in Stone Mountain, Georgia. Weatherly is Collins Group's second acquisition from Denver-based AIMCO (NYSE:AIV), the second largest apartment REIT in the country after Equity Residential.
The deal settled for an undisclosed sum in a deal financed by Wachovia Bank, NA (NYSE:WB). Apartment Realty Advisors (ARA) acted as broker. "Collins Group is very pleased about expanding its presence in DeKalb," commented Jay Herman, VP of Acquisition and Finance.
Collins Group LLC is already a respected name in the metro Atlanta area, with acquisition activity in the metro Atlanta area approaching thirty-five hundred units so far this year. Collins Group's Atlanta asset base will have a value totaling in excess of $150 million by year's end. In addition, the Group has several new assets and portfolios pending closing in the first part of 2006.
"Downtown Atlanta is one of the most dynamic areas in the region for business development, Stone Mountain is one of the largest tourist attractions in the Southeast, and both are within a short drive of Weatherly -- downtown is only 10 minutes away," continued Jay Herman. Managing Director Ari Parnes agreed. "This is a mid-1980's asset of brick and stucco construction, in a community with proximity to area amenities combined with overwhelming convenience -- many Weatherly residents are able to walk to work . . . a real quality asset," Ari Parnes said.
This marks Collins' second acquisition in the DeKalb County market this quarter, and Collins' sixth apartment community in the metro Atlanta area this year. "This acquisition is the perfect follow-up to Collins' acquisition of The Retreat in Doraville earlier this month . . . Weatherly is a virtual twin to Lincoln Hills," remarked Ari Parnes, referring to Collins Group's acquisition of the exclusive Marietta community earlier this year. The widely publicized 680-unit deal, brokered by Cushman & Wakefield's Apartment Group, was recently valued at over $40 million.
Collins plans to continue its aggressive pace of acquisition throughout the coming year in all its focus markets. Like all other acquisitions, Collins Group plans to increase asset profitability at Weatherly while not compromising the overall tenant residential experience.