Aspen Square Management has sold West Eleven Apartments, a 224-unit multifamily property in Atlanta, Ga., for $31.3 million.
Berkadia’s Senior Managing Directors Paul Vetter and Andrew Mays, Managing Director Russ Hardy, Senior Director Judy MacManus and Director Matthew White facilitated the deal on behalf of the seller.
Located at 1104 Westchase Lane, the property is close by the Camp Creek Parkway and is under 15 miles from the bustling Atlanta downtown.
West Eleven was originally built in 2006 and offers one-, two- and three-bedroom units with stainless-steel appliances, pantries, microwaves, walk-in closets, washers and dryers, and central air conditioning and heating. Community amenities include a fitness center, a pool, a playground, a tennis court, a business center and a courtyard.
Strong Demand in Atlanta
According to Mays, the property’s high quality combined with the extensive growth of the Fulton Industrial Corridor—fueled in part by UPS’s large expansion just west of West Eleven—made this a very attractive acquisition opportunity.
The latest Marcus & Millichap Multifamily Market Report revealed developers have placed nearly 30,000 rentals into service over the past three years with another 17,200 planned over the next 12 months. This is in response to an influx of new residents—especially millennials—moving to the Atlanta metro area due to a relatively lower cost of living than many major markets.
Earlier this month, Berkadia negotiated the $42.15 million sale of the 182-unit West Village Lofts at Brandon Mill at 25 Draper Street in Greenville, S.C.
Image courtesy of Berkadia