News Archive

 

Westplan Acquires Indigo Park Apartments in Baton Rouge, LA

ATLANTA, GEORGIA - Westplan has has acquired, in partnership with Cortland Partners, the 330-unit property Indigo Park Apartments in Baton Rouge, Louisiana.

Westplan Investors purchased the limited partnership interest from the original limited partner, and subsequently, the debt was refinanced with a Freddie Mac loan. The property was originally developed by Cortland Partners

Read more: Westplan Acquires Indigo Park Apartments in Baton Rouge, LA

Westplan Successfully Sells The Shoppes at Sugarmill Woods

ATLANTA, GEORGIA - Westplan has sold The Shoppes at Sugarmill Woods in Homosassa, Florida. The Shoppes at Sugarmill Woods, acquired by Westplan in 2008, is a 53,162 SF Publix-anchored center located at the intersection of US Highway 19 and US Highway 98 and three minutes from the Suncoast Parkway.

Rece Morgan, VP Retail, stated “even though we continue to see improving performance for this type of property, the sale was a great result for our investors.”

Read more: Westplan Successfully Sells The Shoppes at Sugarmill Woods

Westplan Expands Atlanta Office and Consolidates Retail Team

With the growing retail portfolio Westplan Investors, Inc. ("Westplan") has continued to expand. To streamline operations the two Atlanta offices have merged.

In November 2011, Westplan's Retail Division, originally located in downtown Atlanta at 55 Marietta Street, transitioned to the Westplan U.S. corporate office in Sandy Springs. Ewoud Swaak, President, "It is our belief that having all of our employees in one office will create more efficient processes and enable us to more effectively focus on our overall company goals."

Read more: Westplan Expands Atlanta Office and Consolidates Retail Team

Westplan Acquires Kroger Anchored Shopping Center Known as River

ATLANTA, GEORGIA - Westplan Investors, Inc. ("Westplan") has acquired Rivermont Station in John’s Creek, Georgia. Rivermont Station is a 90,267 SF Kroger-anchored center located at the intersection of Holcomb Bridge and Nesbit Ferry Roads and represents Westplan’s second purchase of a Kroger center in the Atlanta market for one of its Funds.

Read more: Westplan Acquires Kroger Anchored Shopping Center Known as River

Westplan Investors, Inc. Sells Boulder Creek Apartments

Westplan Investors, Inc. (“Westplan”) Successfully Sells 400-Unit Apartment Property Known as Boulder Creek in San Antonio, Texas

ATLANTA, GEORGIA - Westplan has successfully sold the 400-unit property Boulder Creek and realized an IRR of 17% for one of its Funds.

Construction on the property started at the end of 2008, and thanks to great development execution and local market conditions the property generated strong leasing momentum from the beginning.

Read more: Westplan Investors, Inc. Sells Boulder Creek Apartments

Westplan Completes Recapitalization Program

Westplan has successfully completed the recapitalization of the majority of its apartment portfolio.

Long-term debt financing was obtained on ten apartment properties from a variety of sources including Freddie Mac, MassMutual and MetLife. In addition to over $200 million in new debt, a total of approximately $70 million in additional equity has been raised, all of which came from existing Westplan investors. Rob Carter, EVP, “It is great to see the extent to which our investors and capital partners endorse our strategy and value Westplan’s proactive approach. This never would have been possible without them.”

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Westplan Investors, Inc. (“Westplan”) Announces plans to invest

ATLANTA, GEORGIA - Westplan has formed a partnership with Rece Morgan for the purpose of creating a full service retail investment company.
The new entity will take advantage of the current distress in the retail markets and focus on purchasing credit anchored retail centers in the Atlanta MSA. Westplan has raised equity from its high net worth Dutch investors enabling the Company to invest at least $50 Million in the coming months.

Read more: Westplan Investors, Inc. (“Westplan”) Announces plans to invest

Westplan Investors, Inc. (“Westplan”) Announces Equity Investment

Westplan has provided $8,000,000 of equity to a joint venture with Cortland Partners for the acquisition and repositioning of 1,531 apartment units in five properties in Atlanta. Rob Carter, EVP, said “we look forward to working with Cortland Partners to improve the operations and increase the value of the portfolio.”

Read more: Westplan Investors, Inc. (“Westplan”) Announces Equity Investment

Powering Up at Pietra Apartments

Owners invest in the sun to power the property

Aug 1, 2011 (Phoenix, AZ) -- In a day and age when businesses are working toward being sustainable, a Phoenix apartment community is using the Arizona sun to generate power. Owners of Pietra Luxury Apartments has just completed the installation of a 47,000 watt solar array which is generating power throughout the common areas of the community, such as the leasing office, pool area and club house. The investment is expected to save approximately 75% on energy expenses.

Read more: Powering Up at Pietra Apartments