Behind The Deal: Sutter Hill Acquires Atlanta Apartments
Sutter Hill Acquisition Corp has bought The District at Vinings apartments in Atlanta from California’s FPA Multifamily in an off-market deal worth $68.75M. CEO Karim Kanji tells us his Toronto-based firm plans to spend up to $7M renovating the 464-unit multifamily community, including upgrades to exteriors, landscaping and amenities. “We’re contemplating a new clubhouse, expanded fitness center and better pools,” he says, noting the complex is in Atlanta’s hotspot for Millennials, Vinings. “We want to reposition the property to appeal to them."
Here’s Karim celebrating the deal with father Nick, president of Sutter Hill Group of Cos. Sutter Hill Acquisition is the Canadian entity for its US holdings, including 1,264 apartments in Atlanta. The market's appeal has much to do with the concentration of Fortune 500 firms HQ’d there, Karim explains. The District apartments are a long-term "intergenerational" hold for Sutter Hill, whose Canadian portfolio includes office, retail, industrial, multifamily and senior housing. But in the US, says Karim, the mission is strictly multifamily. “We want to focus our energies.”