Berkadia Completes $39.6 Million in Sales for Two Multifamily Properties in Georgia

January 8, 2018

Berkadia Completes $39.6 Million in Sales for Two Multifamily Properties in Georgia

January 8, 2018
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ATLANTA – January 8, 2018 – Berkadia today announced that the Atlanta team recently completed $39.6 million in combined sales for two properties in Georgia. Managing Director Paul Vetter and Senior Director John McCalla of Berkadia’s Atlanta office secured both deals on behalf of the seller, Asia Capital Real Estate Partners, based in New York. The deals closed in late 2017.

Biscayne Apartments, a multifamily garden-style property in Atlanta was sold to Bloomfield Hills, Michigan-based Contour Development Group for $16 million.

The team also completed the $23.6 million off-market sale of Eastwyck Village, a 436-unit multifamily property in Decatur, Georgia. Berkadia also represented the buyer, Contour Development Group.

“The sale of Biscayne & Eastwyck Village reflects seminal opportunities for successful transactions in and around Atlanta due to booming developments that showcase the city’s business, entertainment and living districts,” said McCalla. “We are thrilled to have supported the sales to create value for both ACRE and Contour Development.”

Located at 5401 Old National Highway and built in 1972, Biscayne Apartments features 370-units with studio, one-, two- and three-bedroom floorplans with spacious closets, fully equipped kitchens, ceiling fans and private balconies and patios. The property also features a billiards room, a resort-style swimming pool, a clubhouse and a business center.

Eastwyck Village is located at 2892 Eastwyck Circle and includes one-, two-, three- and four-bedroom floorplans with dishwashers and central air conditioning. Residents can enjoy community amenities such as on-site management and maintenance and a community farm.