GID has purchased ARIUM Vinings Station, a 315-unit garden-style community in Vinings, Ga. Carroll Organization sold the property for $79 million, or $250,000 per unit, according to Yardi Matrix data. The buyer secured a 10-year Fannie Mae CMBS loan originated by CBRE Capital Markets, the same source shows.
ARIUM Vinings Station will be rebranded as Windsor Vinings. Built in 1997, the property encompasses 15 two- and three-story buildings. The community comprises one-, two- and three-bedroom floorplans, ranging between 790 and 1,504 square feet. Common-area amenities include a clubhouse, business center, fitness center, swimming pool, dog park and tennis court. GID plans to renovate the residential units, as well as to update some of the amenities.
The 15.3-acre property is located at 4695 N. Church Lane and is 21 miles north of Hartsfield International Airport. Downtown Atlanta is 12 miles southeast, while nearby destinations include a host of restaurants, as well as a Publix roughly 3 miles away.
Windsor Vinings represents GID’s fifteenth property in Atlanta, Yardi Matrix shows. Last month, the company also purchased a 312-unit luxury community in West Miami, Fla., assuming a $55.4 million loan. The Altman Cos. sold the property for $91.4 million.
