Real estate fund acquires 610-unit Cumberland apartment community

The Westhaven at Vinings residential complex with 610 units in the Cumberland / Galleria submarket in Atlanta was acquired by a fund controlled by the real estate investment company Milestone Group for an undisclosed amount.

Milestone plans to modernize the property through a value-added program that includes interior upgrades and improvements to the exterior and other amenities.

“Westhaven at Vinings is a great addition to our portfolio,” said Jason Wise, Milestone’s vice president of acquisitions, in a press release. “The historically strong demography of the Cumberland / Galleria sub-market and a limited new range of garden apartments offer a great opportunity for continuous organic rental growth, especially after the completion of a targeted modernization program for the units and facilities.”

Westhaven at Vinings was developed in three phases from 1985 to 1989 and comprises a mix of one, two and three bedroom units in different floor plans. Facilities include four swimming pools, two clubhouses, tennis courts and a dog park.

According to the press release, the property is within 3.5 miles of the Cumberland Business District, Home Depot headquarters, Cobb Galleria and the Battery, a 1.5 million square foot mixed-use development that is in Truist Park, Atlanta Braves is anchored.

The transaction marks the tenth acquisition for Milestone Real Estate Investors V LP, which closed earlier this year after raising $ 750 million in institutional capital. In total, Fund V has acquired more than 4,000 homes in the Sun Belt and Mid-Atlantic regions of the United States‍