WILBRAHAM — Colony Hills Capital, based in Wilbraham, announced its recent acquisition of Lakeshire Village Apartments located at 4395 Washington Road in East Point, Ga. Colony Hills paid $22.3 million for the 284-unit, multi-family community.
Built in the 1970s, Lakeshire Village was completely redeveloped in 2003 by the seller using low-income housing tax credits (LIHTCs). Colony will rebrand the community and aims to reinvigorate it with fresh capital and fresh ideas. According to David Kaufman, president of Colony Hills Capital, the company will focus its capital investments on neglected community areas by adding sports courts, bringing the pool back on line, adding a dog park, and installing community picnic and grilling areas. Colony Hills will also add a fitness center, kids’ learning lab, and resident event area to the Community Center building.
“We are very excited to roll out these new amenities and resident programs to our newest community and want to ensure our residents have a high-quality experience living here,” Kaufman said.
Lakeshire Village is Colony Hills’ second LIHTC affordable-housing acquisition in the past year.
Colony Hills Capital is a multi-family real-estate investment-management company that targets investments in workforce, value-add opportunities located in secondary markets, primarily in the Southeast. Since its inception in 2008, Colony Hills and its affiliates have acquired more than 8,800 apartments worth approximately $600 million.