ATLANTA – July 22, 2019 – Berkadia announced today the $33.53 million combined sales of Ashford Oaks and Ashford Town and Country, two garden-style multifamily properties in Fulton, Georgia. Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matthew White of Berkadia’s Atlanta office, completed these sales on behalf of the seller, Atlanta-based Benimax. Both properties were acquired by New York-based Asden Properties.
“Both the buyer and seller benefitted from being located in the one of the highest-growth submarkets in Atlanta” said MacManus. “The proximity to Hartsfield-Jackson International Airport, accompanied by the recent explosion in e-commerce and the expansion of local warehouse distribution networks will all continue to fuel employment and rent growth in the Southside submarkets.”
Ashford Oaks sold for $22.72 million, and the deal closed on July 12. The 260-unit property is located at 6350 Oakley Road and features two-, three- and four-bedroom floor plans with large bedrooms, air conditioning, walk-in closets and high-speed internet access. The buyer plans on updating the community amenities, which currently include a fitness center, a pool, a business center, a sundeck, a playground and a barbeque area. Residents are afforded convenient access to Interstate-85 and the shops and restaurants within both Mission Square and Shannon Market Shopping Center.
Located at 50 Clay St., Ashford Town and Country is a 132-unit property that sold for $10.81 million on July 3. The property features two-bedroom townhome floor plans with air conditioning, dishwashers, energy-efficient appliances, fenced-in private patios or balconies and large walk-in closets. Community amenities include a sundeck, a business center, a pool, and a playground. Residents are also afforded convenient access to Georgia Military College, Landmark Christian School and the rapidly expanding airport submarket including Aerotropolis and Airport Gateway Center.