By Evelyn Jozsa
Berkadia has arranged the sale of Azalea Ridge, a 281-unit, garden-style community in Atlanta, for $19.1 million. The company worked on behalf of the seller, Alexander Property Group, in the sales transaction. Berkadia also secured a $14.3 million loan through Freddie Mac to finance the acquisition of the property. The buyer, Zavala Capital, received the seven-year loan featuring a floating interest rate, 30-year amortization schedule and 75 percent loan-to-value ratio.
Located at 3214 Valley Bluff Drive, the 32-building property occupies nine acres near interstates 85 and 285, approximately 25 minutes from downtown Atlanta. Azalea Ridge was built in 1971 and comprises a mix of one- and two-bedroom units, averaging 802 square feet, featuring garbage disposals and vaulted ceilings.
Community amenities include a pool, picnic area and fitness center.
Berkadia’s Vetter and Andrew Mays, both managing directors; Judy MacManus, senior director; and Director Matthew White represented the seller. Berkadia Senior Managing Director Richard Levine arranged the acquisition financing.
The company recently facilitated the sale of Woodgate Apartments, a 257-unit community located in the northeastern Atlanta suburb of Chamblee, Ga. The property sold for $20.7 million.
Image courtesy of Yardi Matrix