ATLANTA – May 10, 2018 – Berkadia today announced the sale and financing of Ashford Embry Hills, a multifamily property in Atlanta. Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White of Berkadia’s Atlanta office led the $24 million sale on behalf of the seller, Atlanta-based Radco Companies. The buyer was California-based Strategic Holdings, and the sale closed on April 30.
Associate Director Jeremy Lynch of Berkadia’s Philadelphia office secured $19.9 million in acquisition financing through Freddie Mac on behalf of the buyer. The 10-year loan features an adjustable interest rate with five years of interest-only followed by a 30-year amortization schedule and an 80 percent loan-to-value ratio. The financing closed on April 27 and will add to Strategic Holdings’ growing Atlanta portfolio.
“We are seeing tremendous interest for well-maintained assets, like Ashford Embry Hills, that have renewed curb appeal and a proven value-add program,” said Mays. “RADCO has done a great job with the renovations on the property’s sizable units, which was reflected in the demand we saw for this asset with over 20 formal offers.”
“Strategic Holdings has been focused on growing their Atlanta portfolio which has a concentration in the North Dekalb submarket,” said Lynch. “The proven value-add program implemented by the seller, coupled with Strategic Holding’s utilization of the Freddie Mac green program will enable them to continue the value-add program and improve energy efficiencies.”
Located at 3207 Henderson Mill Road, the 161-unit property features two-, three- and four-bedroom floorplans with fireplaces, patios or balconies, large closets and dishwashers. Residents can enjoy community amenities such as a fitness center, a pool, a playground and a game room. Ashford Embry Hills offers convenient access to Interstate Routes 85 and 285, downtown Atlanta and Hartsfield-Jackson Atlanta International Airport.