ECI Group Announces Sale of The Columns at Vinings Apartments in Atlanta, GA￼
ATLANTA, Oct. 11, 2022 /PRNewswire/ — ECI Group (ECI) announces the sale of The Columns at Vinings apartments at 1900 Tamarron Parkway, SE, in northwest suburban Atlanta, GA to Investors Management Group (IMG). The 320-unit, 1985-vintage community was acquired by ECI in October 2017. ECI upgraded the unit interiors and improved and modernized the community’s amenities during its ownership period.
“The Columns at Vinings is an extremely well-located property in the Vinings area of Cobb County. Between the improvements to, and repositioning of, the property consistent with our business plan and the many positive redevelopments that occurred in Smyrna to the north and the Atlanta Road/Marietta Boulevard corridor to the south, this turned out to be a very successful investment for ECI, and we are proud of our team and our execution,” said Jimmy Baugnon, Chief Investment Officer at ECI Group. “IMG is an experienced owner with a terrific track record, and we know the property will continue to thrive under their stewardship. The sale of The Columns at Vinings will allow ECI to continue its successful strategy to recycle capital from existing assets and exchange it into new multifamily investments.”
The Columns at Vinings residents enjoy rapid access to jobs located in 25.7 million square feet of office space within a 5- mile radius of the property, including major employers Home Depot HQ, Papa Johns HQ, Wellstar Vinings Health Park, Smyrna Market Village, IBM, and more. Located just inside 1-285 at a rare infill location, the community is just 2.5 miles from The Battery and Truist Park and within 5 miles of more than 12 million square feet of retail amenities. Property amenities include a clubhouse, dog park/play area, fitness center, games/billiards lounge, lighted tennis courts, swimming pool, and a resident business center.
ECI extends its appreciation to Mike Kemether and Travis Presnell of Cushman & Wakefield for their representation of the seller.