ATLANTA – August 5, 2021 – Berkadia announced today the sale of Lakeview I and II, a garden-style multifamily property in Stone Mountain, Georgia. Senior Director Judy MacManus, Senior Managing Directors Paul Vetter and Andrew Mays and Director Matt White of Berkadia Atlanta completed the $62.2 million sale on behalf of the seller, California-based Praxis Capital. The buyer was Maryland-based Acento Real Estate Partners, and the deal closed on July 9.
“The Stone Mountain submarket has shown strong fundamental trends and is one of Atlanta’s top submarkets for rent growth,” said MacManus. “Lakeview, which previously operated as two properties, is now combined into one property, providing opportunities for the buyer to rebrand the unified property through an amenity repositioning program and increase revenue via 32 recently renovated units with unrealized premiums.”
“We are very excited about this transaction which marks our ninth acquisition since the start of the COVID-19 pandemic and our second in the Atlanta market,” said Tyler Jamison, Chief Investment Officer at Acento Real Estate Partners. “Lakeview is suited to our current discretionary fund targeting value-oriented workforce multifamily assets in the eastern United States.”
“We acquired these two properties from two different sellers and combined them into one, which enabled us to position the combined property to provide better amenities to the residents,” said Brian Burke, President and CEO of Praxis Capital. “We look forward to watching Acento’s success as they implement this vision.”
Lakeview I and II is located at 200 Summit Lake Drive within a Federal Opportunity Zone. The 540-unit property features one-, two- and three-bedroom floor plans with fully-equipped kitchens and a patio or balcony. Community amenities include two swimming pools, two playgrounds, an outdoor area with grilling stations and a laundry facility. Residents are afforded convenient access to Stone Mountain Industrial Park, Atlanta Media Campus and Amazon’s new robotic distribution facility and Assembly Yards, as well as Routes 10 and 78.