Berkadia Completes Sale of Multifamily Property in Georgia
ATLANTA – June 26, 2023 – Berkadia announced today the sale of The Quarry, a 415-unit garden-style multifamily property located in Lithonia, Georgia. Senior Director Matt White, Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus, and Associate Director Ian Shaw of Berkadia Atlanta completed the sale on behalf of the seller, California-based JJM Investments, LLC. The buyer was North Carolina-based Four Oaks Capital, LLC, and the deal closed on June 16.
“This was a great transaction for both the buyer and seller and a big win for all involved,” said White. “We take great pride in announcing that this closing represents the largest workforce housing transaction in South Atlanta in over two years. The successful outcome was made possible by a highly attractive assumable fixed-rate agency loan which helped to mitigate persistent capital market volatility. Fueled by a $5 million capex budget, the buyer intends to capitalize on a proven value-add upside at The Quarry. Altogether, our team is thrilled with the outcome of this transaction and is delighted to have advised the seller through their disposition.”
Located at 421 Meadowood Drive, The Quarry features an ideal unit mix of two- and three-bedroom floorplans with a spacious average unit size of 1,249 square feet, and townhome layouts in 18.6 percent of units. Community amenities include a swimming pool, a fitness center, a business center, and gated entry. Built in 1970, the property has had more than $5.7 million in Capital Investments since 2015, and benefits from a proven value-add upside and elevated upside opportunity.
The Quarry’s position on I-20 provides quick access to Atlanta’s largest employment hubs including Downtown and Midtown and is located within a 25-minute drive of Hartsfield-Jackson International Airport. The property is also located within a 10- to 25-minute commute of several of Atlanta’s premier industrial submarkets including Stone Mountain/Tucker, I-20 East Corridor, Northeast Atlanta, and Airport/South Atlanta. Representing over 45.7 million square feet of existing inventory while also growing rapidly, these submarkets provide the property with jobs from numerous high-quality employers. Southeast DeKalb County exhibits strong apartment fundamentals as vacancies are dropping below historical averages and rent growth has been robust.
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