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.

Over the last three years, Westplan successfully managed the land acquisition, design, construction and lease up of each asset. Each property was evaluated individually to determine the opportune time to market the asset for sale. Accent North Druid Hills, a mid-rise property located in Atlanta, reached stabilization in 16 months from first unit delivery. The property has excellent interstate access and is uniquely positioned within walking distance of the new Children’s Hospital of Atlanta campus. CHOA’s 70+ acre campus is slated to begin construction in 2020 and complete in 2026. This announcement in early 2017 led to high demand resulting in over 35 property tours and 17 offers when the property was put on the market.

Accent Bellevue is a garden-style property located in the suburbs of Nashville, TN. The Bellevue submarket has significant barriers to entry resulting in the development of only 1,035 units in the period of 2000-2017. The submarket also has high rental demand due to the easy access to downtown Nashville. The stable occupancy and high rents, combined with construction obstacles make this submarket ideal for those looking for acquisitions in the highly sought after Nashville market. The property sold prior to stabilization just 32 months after the land was purchased.

Mariner Grove is a 320 unit garden-style property located on East President Street 2.5 miles east of downtown Savannah. It offers a convenient location to the historic city and Savannah College of Art and Design, but with the luxurious class A unit finishes and amenities of the suburbs. Numerous ancient, sprawling live oaks were preserved and adorn the parklike setting in the courtyards of the community. The property sold in December 2017.