By Tudor Scolca
Berkadia has facilitated the sale of Woodgate Apartments, a community located in the northeastern Atlanta suburb of Chamblee, Ga. The team comprising Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matthew White represented seller HandyTrac Systems in the transaction.
The property traded for $20.7 million, with Marquis Investments adding another item to its portfolio. HandyTrac Systems received $20.7 million for the 257-unit property. According to Yardi Matrix, the new owner financed the acquisition with a $17 million loan held by Greystone Servicing Corp., due 2020. Woodgate Apartments was fully occupied as of December 2017, Yardi Matrix data also shows.
The 30-building property comprises 101 one-bedroom, 147 two-bedroom and nine three-bedroom units, with an average size of 754 square feet. Common amenities include a playground, swimming pool and 514 parking spaces. The community sits on 13 acres at 3248 Chamblee Dunwoody Road, near Interstate 285 and Buford Highway, as well as multiple shopping and dining destinations.
“With anticipated robust job creation, the Atlanta market will experience sustained growth in 2018 and into 2019. This property was a fantastic investment opportunity that aligned with Marquis Investments’ priorities,” said Vetter in a prepared statement.
Image courtesy of Yardi Matrix
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].