ATLANTA, GA – June 25, 2021 – Berkadia announced today the sale of Level at Mount Zion (“LMZ”), a 121-unit, garden-style multifamily property in Morrow, Georgia. Senior Director Judy MacManus, Senior Managing Directors Paul Vetter and Andrew Mays and Director Matthew White of Berkadia Atlanta led the transaction on behalf of the seller, North Carolina-based Cannell Capital Partners.
Senior Managing Director Cutt Ableson of Berkadia Houston secured fixed rate financing through Freddie Mac on behalf of the buyer, Connecticut-based Amity Companies. The 10-year loan featured a 30-year amortization schedule and interest only payments. The deal closed on June 4.
The property was 97 percent occupied at the time of the sale.
“It was a pleasure working with Cannell Capital Partners and their management team, First Communities Management in our fourth transaction together,” said MacManus. “LMZ benefitted by a strong management team and a well-executed capital plan over their four-year ownership. New ownership will continue to improve the property and take advantage of the improving market.”
“The loan includes multiple years of interest only payments which facilitates additional improvement of a well performing asset in a great market,” said Ableson. “Amity was great to work with and we look forward to seeing their success at LMZ.”
Level at Mount Zion was built in 1973 and features 121 units with fully equipped kitchens, black or stainless-steel appliances, ceiling fans and large closets. The property offers a significant value-add opportunity with a proven track record. Located at 6668 Mt Zion Blvd, the property offers excellent connectivity to major metro employment centers within Clayton county, including Southern Regional Medical Center and the new Gillem Logistics Center development. The property is also only 8 miles away from Hartsfield-Jackson International Airport.