BROOKLYN, N.Y., July 21, 2006 (PRIMEZONE) -- Ari Parnes, Managing Director and Principal of Collins Group LLC, announced today the Group's acquisition of Treecrest Apartments, a 734-unit community in the dynamic Atlanta suburb of Decatur.
The deal was brokered by Cushman & Wakefield. Financing was provided by the Atlanta office of GE Commercial Credit (NYSE:GE). The seller was Wilwat Properties of Atlanta.
"This is a star in the Collins Portfolio," remarked Ari Parnes, referring to Treecrest. "An outstanding property in an area with dramatic growth offering the most luxurious amenities package in the area," continued Parnes. The community is situated on a 65-acre parcel of land and features not only typical amenities such as swimming pools and tennis courts, but also remarkable additions such as a world-class fitness center with indoor climatized pool, heated whirlpool spa, and two racquetball courts. "In fact, during the financing process, one of our bankers said that he had never seen such an extensive package of amenities in one community," Parnes noted.
"Treecrest has been a superbly maintained community since its construction in 1990," said Parnes. "Wilwat (Properties) built this property from the ground up and maintained it impeccably throughout their ownership tenure, and it shows." The property underwent extensive renovation in 2004, including full roof replacement and new exteriors.
The area within one mile of Treecrest saw 86% population growth from 1990 to 2000, and the property's location in Decatur, only one mile from I-20, adds to the asset's profitability and potential. "Single family homes in the area have already begun to reach $500,000 and will only continue to rise in value," said Ari Parnes.
Jay Herman, Collins' Vice President of Finance and Acquisitions, reaffirmed Collins' intent to expand its Atlanta portfolio. "This is one of the fastest growing areas in the Atlanta MSA, and demand is strong in the Atlanta market. This is the eighth community the Collins Group has acquired in the Atlanta area in the past 15 months," Herman said. "We believe in the strength of the Atlanta apartment market. As concessions burn off and occupancies continue to rise, we believe the market - especially in Decatur - will continue to grow," Parnes added. Collins' Atlanta portfolio currently stands at approximately 4,000 units with a value in excess of $250 million, with several new acquisitions pending.
Collins has changed the community name to Crestview to reflect the ownership change. The Collins Group intends to continue its expansion activity at an aggressive pace, while maintaining its commitment to providing quality tenant services by upgrading assets and providing excellent and attentive management.