ATLANTA – June 27, 2019 – Berkadia announced today the sale of and financing for Regal Vista, a 226-unit garden-style multifamily property in Atlanta. Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White, all of Berkadia’s Atlanta office, completed the $23 million sale on behalf Atlanta-based Marquis Investments. Senior Managing Director Richard Levine, also of Berkadia’s Atlanta office, secured financing for the property through Fannie Mae on behalf of the Georgia-based buyer. The deal closed on May 22.
“The transaction ended up being a perfect fit for the buyer’s 1031 exchange needs,” said Vetter. “The seller felt that it was a great time to exit the asset, given the current market conditions.”
“Berkadia’s FNMA execution was ideal for the borrower, given the advantageous terms and ability to commit and close on a very compressed timeline,” said Levine.
Located at 3475 Pleasantbrook Village Lane, Regal Vista features one-, two- and three-bedroom floor plans with newly updated interiors, air conditioning and fireplaces. Community amenities include a business center, laundry facilities, a pool, a playground and a tennis court. Residents are also afforded convenient access to Graves Park.