News

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The latest news from Westplan Investors.

 

Westplan Investors Successfully Raises Equity For Third Nashville Development

ATLANTA - Westplan Investors has successfully funded its third Accent development project in Nashville, Tennessee. Our first project in Nashville was the successful development and exit of Accent Bellevue (322 unit apartment community) in 2017. We began the construction of Accent Metrocenter (282 unit apartment community) in 2018 and it will be delivered in the second quarter of 2020. Now Westplan has raised $16.9 million of equity with Dutch and US Investors to start a 236 unit apartment community in the second quarter of 2020.

Read more: Westplan Investors Successfully Raises Equity For Third Nashville Development

The Corona Effect

The world has changed rapidly in recent weeks due to the coronavirus (COVID-19) pandemic and prompted both Federal and State governments to enact extraordinary measures. Throughout our 25-year history and through multiple real estate cycles, Westplan has navigated economic downturns and recoveries. We assess risk and market opportunity with great rigor and sensitivity. 

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Westplan Investors Announce Opening of Accent 2050 Apartment Community in Atlanta, GA

ATLANTA - In February, Westplan Investors welcomed the first tenants to the new Accent 2050 apartment community in Atlanta, Georgia. The 198-unit apartment community was developed and is owned by Westplan Investors. Accent 2050 is less than a block from Accent Morningside on Cheshire Bridge Road. Accent Morningside is a 239-unit Class A apartment community also developed by Westplan.

Read more: Westplan Investors Announce Opening of Accent 2050 Apartment Community in Atlanta, GA

Westplan Begins Construction in Charlotte

Westplan is moving forward with an apartment development in Charlotte, North Carolina. Westplan Partner Brad Johnson stated, “We are pleased to announce another quality Westplan apartment community to be located in the Lower South End (LoSo) of Charlotte. We are within walking distance of the Woodlawn light rail station and in close proximity to the unique venues of LoSo including The Olde Mecklenburg Brewery, Queen Park Social, and Sugar Creek Brewing Company .” 

Read more: Westplan Begins Construction in Charlotte

Accent Athens Welcomes First Residents

Westplan welcomed the first residents into their new apartment homes at Accent Athens in mid- July.

Read more: Accent Athens Welcomes First Residents

Westplan begins construction in Nashville

Following the successful development and $69.5M sale of Accent Bellevue, Westplan Investors broke ground on another apartment development in Nashville, Tennessee. The new project will consist of 282 apartments on 8 acres of land located along the west side of Great Circle Road in the Metrocenter submarket of Nashville just 3 miles north of Downtown Nashville.

Read more: Westplan begins construction in Nashville

Accent Morningside Now Open

The doors are now open on Westplan’s newest lease up. Located in the sought-after Morningside neighborhood, Accent Morningside provides the ideal location for those working in Buckhead, Midtown, & Emory. The property consists of 239 units with surface parking. Residents will be privy to a host of services including door-to-door trash and recycling, 24-hour parcel lockers, dry cleaning, electric car charging stations and more.

Read more: Accent Morningside Now Open

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 1.94x 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