Coastal Ridge JV Buys Newly Completed Atlanta Community
South City Partners developed the 197-unit multifamily asset with a construction loan from Cadence Bank.
WILLIS Avondale Estates. Image courtesy of Cushman & Wakefield
South City Partners and ELV Associates have sold WILLIS Avondale Estates, a 197-unit community in Decatur, Ga. The joint venture of Coastal Ridge Real Estate and SEDCO Capital acquired the Class A asset completed in 2019. According to Yardi Matrix data, the developer started construction on the project in 2017 with a $25.5 million loan from Cadence Bank, due to mature in 2022. Cushman & Wakefield assisted the seller in the deal and procured the acquisition financing for the buyer.
Located at 2700 E. College Ave., the five-story community also includes ground-floor restaurants and retail. The WILLIS’ one- and two-bedroom apartments range in size from 627 to 1,284 square feet. Amenities include a swimming pool, fitness center, community lounge and pet spa, as well as coworking-style micro-offices. The property was 92.4 percent occupied as of December, Yardi Matrix data shows.
The 3.2-acre property is 1 mile east of downtown Decatur and 7 miles from downtown Atlanta, close to the historic Avondale Estates. The community is within walking distance to Avondale metro station and East Decatur Station shopping center.
Cushman & Wakefield’s Robert Stickel, Mike Kemether and Alex Brown represented the sellers in the transaction, while Mike Ryan, Richard Henry, Blake Cohen and Brian Linnihan arranged the financing on behalf of the buyer. In October, Stickel, Kemether and Brown were also instrumental in the $48.2 million sale of two adjacent multifamily properties in the East Atlanta submarket.
