Viking Capital LLC has acquired Skyridge Apartments, a 120-unit class B value-add garden-style multifamily community in Atlanta, GA, for $19.6 million.
The transaction was brokered for the institutional seller by Chad Defoor and Jake Reid of Franklin Street Real Estate.
Upon acquisition, Viking Capital LLC renamed Skyridge Apartments “Elevate Woodstock” and initiated plans to upgrade the property’s unit interiors and modernize the exteriors and amenities in order to attract the high income tenant base that has been steadily moving to Atlanta’s far north. Elevate Woodstock is supremely located in Atlanta’s Platinum Triangle, just minutes from attractive retail, luxury homes, and major employment drivers.
“These apartments sit squarely in the path of progress, in a submarket that has seen rising average income and a tenant base willing to pay higher rents for a high quality apartment,” explains Viking Capital LLC CEO Vikram Raya, MD. “We are excited to raise the bar at this property in order to provide quality housing and match the higher trending tenant demand in the market.”
Atlanta has become one of the most sought-after locations in the U.S., and Woodstock in particular has helped drive this growth. Recently named the 3rd best Suburb in the country by Homes.com, Woodstock’s population has increased 25% in the last ten years and 80% in the last 20 years,a population surge that attracted some of the nation’s top retail, including Costco, Target, Sam’s Club, Sprouts, Home Depot, Kohl’s, all within five miles of the property.
About Viking Capital LLC
Viking Capital LLC is a leading multifamily investment firm founded by physicians Vikram Raya, MD and Ravi Gupta, MD. Focusing on value-add real estate opportunities, Viking Capital acquires stabilized properties and then upgrades the interiors, amenities and operations in order to earn higher market rents and increase the asset value. This strategy has enabled the firm to successfully mitigate risk and preserve capital while generating accelerated returns.
Drs. Raya and Gupta developed Viking Capital LLC with a mission to help physicians and other investors achieve financial freedom. Since its inception, Viking Capital has acquired $620 million in assets through 21 properties and 4,421 units in the Southeast, Mid-Atlantic and Midwest.
They have successfully raised $100+ million in equity from more than 1,000 investors.
To learn more about Viking Capital LLC and investment opportunities, schedule a time to connect with Colm McEvilly.