ATLANTA – October 15, 2019 – Berkadia today announced the $44 million in combined sales of Sedgefield and Castlebrook, two garden-style multifamily properties in Marietta, Georgia. The combined sale price reflects a per-unit price of $101,852, and both properties were 97 percent occupied at the time of the sale. Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White of Berkadia’s Atlanta office completed the sales on behalf of the seller, Michigan-based Princeton Enterprises, L.L.C. The buyer for both properties was New York-based The Walden Group, and the deals closed on September 27.
“The seller has owned these assets for over 10 years and decided it was a good time to exit,” said Vetter. “With persistent job growth in the Atlanta-area expected to continue, the subsequent influx of new residents has brought a boom for the local multifamily market. From this, the buyer sees this purchase as an opportunity to execute a value-add strategy and move rents.”
Castlebrook was built in 1975 and features 152-units with fully equipped kitchens, washer and dryer connections and walk-in closets. Located at 1136 West Commons Lane, the property affords convenient access to Interstate 75, Kennesaw State University, Dobbins Air Reserve Base and mixed-use developments such as SunTrust Park and The Battery.
Sedgefield was built in 1970 and features 280-units with fully equipped kitchens, washer and dryer connections and private patios and balconies. Located at 860 SE Franklin Road, the property affords convenient access to Interstate 75, Kennesaw State University, WellStar Health System and numerous retailers.