- Published on Wednesday, 03 July 2013 13:12
ATLANTA, GEORGIA - Westplan has sold The Shoppes at Fountain Oaks in Atlanta, Georgia to AmREIT, a Houston, Texas based equity real estate investment trust. The Shoppes at Fountain Oaks, acquired by Westplan in 2010 from a German based equity trust, is a 160,000 SF Kroger-anchored center located in a unique location in Sandy Springs.
Rece Morgan, VP Retail, stated “even though we continue to see improving performance for this type of property, the sale realized a 23% IRR result for our investors.”
Westplan will continue to dispose of some of its investments on a selective basis over the next 12 months to take advantage of the improved capital markets. Its multi-family strategy is to continue to grow its portfolio in Georgia, Florida, Texas and North Carolina with investments in distinct development projects.
Westplan (www.westplan.com) is a privately held company that owns and manages twenty-seven apartment properties with over 9,000 units and a commercial portfolio of approximately 850,000 square feet.
For further information, please contact Rob Carter, EVP, at 770-390-9378.