ATLANTA and HOUSTON – July 22, 2019 – Berkadia recently completed $28.1 million in combined sales and secured financing for Creekstone Apartments and Garden Walk Apartments, two garden-style multifamily properties in Georgia. Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White, all of Berkadia’s Atlanta office, completed both sales. The sales and financings closed on June 18.
Berkadia represented the seller, New York-based The Walden Group, in the $13.2 million sale of Creekstone Apartments. Senior Managing Director Tucker Knight, of Berkadia’s Houston office, arranged financing for the purchase of the property.
The same team, along with Senior Director John McCalla of Berkadia’s Atlanta office, completed the $14.9 million sale of Garden Walk Apartments on behalf of the seller, New York-based Diamond Property. Senior Managing Director Richard Levine of Berkadia’s Atlanta office secured financing for the property.
“The sales of Creekstone Apartments and Garden Walk Apartments highlight the ongoing activity in the Georgia market,” said Vetter. “In recent months, we’ve seen increased interest from investors, particularly in the Atlanta market, with the continued job growth, rising household formation and a shortage of single-family housing. These trends are not going to slow down soon, and in fact, we anticipate it to continue over the next four quarters.”
Located at 206 Creekstone Drive in Athens, Georgia, Creekstone Apartments is a 160-unit property with one- and two-bedroom floor plans with large closets, air conditioning, patios and window coverings. Community amenities include a playground, a fitness center, a lounge and a business center. Residents are also afforded convenient access to Sandy Creek Nature Center, Trail Creek Park and North Oconee River Greenway.
Located at 6095 W. Lees Mill Road in Atlanta, Garden Walk Apartments is a 240-unit property with one- and two-bedroom floor plans with vaulted ceilings, walk-in closets, air conditioning and fireplaces. Community amenities include a business center, a swimming pool, an on-site laundry facility and a clubhouse. Residents are also afforded convenient access to Hartsfield International Airport, Interstate 75 and Interstate 285.