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ECI Group (ECI) announces the sale of The Columns at Timothy Woods apartments at 2035 Timothy Road in Athens, GA to Fogelman Properties. The 204-unit, 1996-vintage community was acquired by ECI in April 2019. ECI upgraded the unit interiors and improved and modernized the community’s amenities during its ownership period. The sales price was not disclosed.
“We are very proud of our business plan execution at The Columns of Timothy Woods,” said Jimmy Baugnon, Chief Investment Officer at ECI Group. “Through our renovation program and management repositioning, we created value for our residents, the Athens community, and the ownership group. We have known the buyer (Fogelman) for many years. We have great respect for them and we know they will continue to operate the property in a first-class manner and ensure it remains an asset to the Athens community.”
The Columns at Timothy Woods is ideally located near Athens’ robust retail district, offering residents more than 5.3 million square feet of retail amenities nearby. One-, two- and three-bedroom units offer family-friendly residences, and, with the renovations conducted by ECI, luxury touches including granite countertops, stainless steel appliances, and vinyl-plank style flooring. Recent amenity additions include a dog park, enhancements to the fitness center, and new tennis and pickleball courts. The community boasts an exceptional school district and is proximate to the University of Georgia, the I-85 Industrial Corridor, and other major job centers.
ECI extends its appreciation to Kevin Geiger of CBRE for his representation of the seller.
For more than 50 years, ECI Group has been one of the most highly regarded, privately owned real estate organizations in the United States. The firm is fully integrated, with development, construction, investment, and property management groups that have garnered national recognition for innovation and performance in the multifamily industry. With a portfolio of more than 7,500 units located throughout the Southeast and Texas, ECI is strategically positioned to continue to be a leader in the multifamily industry. For more information, visit www.ecigroups.com.
Media Contact:
Karen Widmayer
KW Communications, LLC
karenwidmayerpr@gmail.com
301.661.1448
