News

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The latest news from Westplan Investors.

 

Westplan Investors sells Phoenix asset – District at Mountain Vista

On September 14th, Westplan Investors successfully closed the sale of District at Mountain Vista, a 384-unit, garden-style asset located outside Phoenix, AZ. Cortland Partners purchased the property. Westplan originally invested in the deal in 2008 as the LP equity and took over as GP when the deal was recapitalized in 2011. Since then average in-place rents have increased approximately 5% per year. YTD 2018 NOI annualized is 60% higher than the 2011 annual NOI.

Westplan’s CEO, Ewoud Swaak says “Thanks to our investors that had the confidence and vision in the market and our capabilities, we were able to recapitalize many of our pre-recession properties and have been able to generate a very attractive return”.

Westplan Closes Development Cycle on 3 Assets

In December 2017, Westplan closed the latest sale of three assets built in the current development cycle. The three 300+ unit properties were located in Atlanta, GA, Nashville, TN and Savannah, GA. The total value of the transactions was $206,000,000 and investors earned an average 2.75x equity multiple.

Read more: Westplan Closes Development Cycle on 3 Assets

Westplan Completes Investment Cycle on 2008 Fund

Westplan Residential Development Fund (WRDF) was formed in 2008 and provided equity for development and purchase of 10 multifamily properties located throughout the southeast.

Read more: Westplan Completes Investment Cycle on 2008 Fund

200 unit apartment and townhome community in Athens

Atlanta, Georgia – Westplan broke ground in January 2018 on Accent Lakewood Apartments, which will be a 200 unit apartment and townhome community in Athens, Georgia.  Apartment homes will be available for occupancy in December 2018.

Read more: 200 unit apartment and townhome community in Athens

Westplan started construction on Cheshire Bridge Road

ATLANTA, GEORGIA – Westplan has recently started construction on Accent 2050 Apartments and Accent Morningside Apartments in Atlanta, GA.

Read more: Westplan started construction on Cheshire Bridge Road

Westplan started construction on Accent Bellevue Apartments

ATLANTA, GEORGIA – Westplan has recently started construction on Accent Bellevue Apartments which will be a 322-unit apartment community in Nashville, TN. 

Read more: Westplan started construction on Accent Bellevue Apartments

Westplan announces plans to re-develop 40 Forsyth Street (Atlanta)

ATLANTA, GEORGIA – Westplan announces plans to re-develop 40 Forsyth Street in downtown Atlanta. The new mixed use 4 story building will replace the current building and will accommodate extensive retail and activity space on the street level.

Read more: Westplan announces plans to re-develop 40 Forsyth Street (Atlanta)

Accent Waterworks Apartment Community Under Construction

ATLANTA, GEORGIA – Westplan is currently under construction on Accent Waterworks Apartments which will be a 181-unit apartment community near the Atlanta Waterworks in West Midtown.  Westplan expects apartments to be available for rent in the first quarter of 2016.

Read more: Accent Waterworks Apartment Community Under Construction

Westplan Starts Construction on Aspire North Druid Hills Apartments in Atlanta, Georgia

ATLANTA, GEORGIA – Westplan has broken ground on Aspire North Druid Hills Apartments which will be a 310-unit apartment community on 7.2 acres in Executive Park.  Westplan expects construction to be complete in the second quarter of 2016 and apartments to be available for rent in the fourth quarter of 2015.

Read more: Westplan Starts Construction on Aspire North Druid Hills Apartments in Atlanta, Georgia

Principal Real Estate Partners Appointed to Lease 55 Marietta data center in Atlanta

ATLANTA, GEORGIA — Principal Real Estate Partners has been named as the exclusive leasing agent for 55 Marietta Street Data Center tower.  The multi-Tenant data center facility and Carrier Hotel accounts for 389,000 square feet in the heart of Atlanta’s downtown business district. Principal Real Estate Partners’ Michael Shaw and Trevor Schneider will be leasing the project.

Read more: Principal Real Estate Partners Appointed to Lease 55 Marietta data center in Atlanta