Martin Management Sells 136 Multifamily Units And 6.62-Acre Development Site For $10.25 Million

Transwestern Represents Seller in Disposition of Westpark Club in Athens, Georgia

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Jun 05, 2015, 01:16 ET

ATLANTA, June 5, 2015 /PRNewswire/ -- Transwestern's Southeast Investment Services Group today announces it brokered the disposition of the Westpark Club multifamily project for $10.25 million. The transaction includes 136 existing units in Phase 1 and a 6.62-acre parcel in Phase II. The garden-style community is located at 150 Westpark Drive in Athens, Georgia, and totals 151,112 square feet. Transwestern Managing Directors Mike McGaughy and Jon Kleinberg represented the seller, Martin Management. The property was acquired by Audubon Communities.

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"Westpark Club is an exceptional investment for Audubon Communities," said McGaughy. "Athens' thriving community supports the Phase II development, which presents Audubon with the opportunity to nearly double the community size while implementing a renovation program on the existing units to increase the asset's value."

Built in 1997, Westpark Club Phase I offers a mix of spacious one- and two–bedroom units with an average unit size of 1,111 square feet. Floorplans feature crown molding, chair rails, six-panel doors, full-size washer and dryer connections and private balconies or patios, with vaulted ceilings and fireplaces in select units. Phase I encompasses 10.39 acres with a competitive community amenities package that includes a pool, fitness center, cyber cafe, two lighted tennis courts and a sand volleyball court. The Phase II tract is adjacent to Phase I.

The property's central location in Athens, home to the University of Georgia (UGA), provides exceptional access to Atlanta Highway/U.S.Route 78 and the Athens Perimeter/State Route 10. In 2011, Forbes ranked Athens first in Georgia and 51^st in the nation among "Small Best Places for Business and Careers." Westpark Club is near major employment centers, including Athens Regional Medical Center and UGA, the region's single largest employer.

ABOUT TRANSWESTERN'S SOUTHEAST INVESTMENT SERVICES GROUP
Transwestern's Southeast Investment Services Group (Southeast ISG) combines capital markets and investment sales expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets located in Alabama, Georgia, Florida, Mississippi, North Carolina, South Carolina and Tennessee. Based in Atlanta with offices in Miami, Fort Lauderdale and Orlando, Transwestern's Southeast ISG has established a successful track record for maximizing value and creating lasting relationships with clients that range from local entrepreneurs to the largest corporations in the country.

ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate. For more information, please visit transwestern.com and follow us on Twitter: @Transwestern.

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SOURCE Transwestern