ATLANTA – October 15, 2019 – Berkadia today announced the $35.95 million in combined sales of two multifamily properties in the Atlanta metro. Director Matt White, along with Senior Managing Directors Paul Vetter and Andrew Mays and Senior Director Judy MacManus of Berkadia’s Atlanta office completed both sales. In these transactions, the Berkadia team represented the seller of both properties which consisted of a joint venture between Pennsylvania-based, Adams Investor Group and Georgia-based, Crown Bay Group.
Pines at Greenbriar was sold to New York-based Olive Tree Holdings, and the deal closed on September 27.
Mountain Oaks was sold to New Jersey-based Highland Properties Group, and the deal closed on September 23.
“These two transactions truly represent win-win outcomes for all parties involved,” said White. “The seller not only had the foresight to identify attractive investment opportunities but was also able to execute their business plan while simultaneously paving the way for new ownership to pursue a proven value-add story. With the ‘heavy lifting’ complete at both assets, the new owners can now focus their capital on revenue generating endeavors, while further enhancing returns for their investors.”
Located at 2909 Campbellton Road, Pines at Greenbriar features 376 units of one-, two- and three-bedroom floor plans. Select units feature walk-in closets and patios, and residents have access to a dog park, a playground and an on-site laundry facility. The buyer has plans to renovate a number of units and this property is incorporated within a newly registered Federal Qualified Opportunity Zone.
Mountain Oaks is a 168-unit property located at 4719 Central Drive. The one-, two- and three-bedroom floor plans feature dishwashers, private patios and balconies and walk-in closets. Community amenities include a barbeque area, a swimming pool, gated entry and a newly renovated clubhouse.
“As a result of limited construction pipelines, each submarket is experiencing supply-demand imbalance, which has propelled occupancy to historical highs and annual rent growth in excess of 5 percent,” added White. “Both of these communities are well positioned for future growth and poised to generate above-market yield.”