Doraville, GA – May 11, 2021 – Berkadia announced today the acquisition financing of Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville, Georgia. Senior Director Josh Finley of Berkadia Atlanta secured $18.5 million in acquisition financing through Freddie Mac on behalf of the buyer, New York-based Quad Property Group. The deal closed May 7.
The 10-year loan featured 5 years of interest only payments, a 30-year amortization schedule and a 75 percent loan-to-value ratio.
“We are excited to add this asset to our Atlanta-area portfolio,” said Jariel Bortnick, a Principal with Quad Property Group. “As it is incredibly well-located in a booming corner of the metro area, we believe that our enhancements to the property will allow it to reach its full potential.”
“Quad Property Group’s acquisition of the Alturas Embry Hills Apartments further expands their continuously growing footprint in the Southeast and represents a sound investment with extensive upside, given over 120 untouched interior units that are well positioned for a value-add upgrade program,” said Finley. “Quad Property Group plans on spending over $1 million on interior and exterior upgrades that will greatly increase the value of the property.”
Located at 3544 Old Chamblee Tucker Rd, the property, which has been rebranded as Summit Embry Hills, was built in 1966, underwent exterior renovations between 2018-2020, and features 140 units with a mix of one-, two-, and three-bedroom floorplans. The property affords access to nearby retail shops and convenient access to Interstate 285.
Berkadia Secures $18.5M in Financing for Multifam Property in Georgia | citybiz
Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia | REBusiness Online