Four Oaks Capital Buys Atlanta-Area Asset
The transaction involved a $10.4 million Fannie Mae loan.
Park Estates. Image courtesy of Yardi Matrix
Four Oaks Capital has acquired Park Estates, a 100-unit multifamily community in Decatur, Ga., for $11.4 million, Yardi Matrix shows. The transaction involved a $10.4 million Fannie Mae loan with a 5.84 percent fixed rate originated by Greystone. The seller was Sureste Property Group, which had purchased the asset in 2019 for $7 million.
Completed in 1985, the community comprises 12 two- and three-story buildings incorporating two-bedroom floorplans of 1,096 square feet each. Interiors feature fireplaces, walk-in closets and air conditioning. Common-area amenities include a clubhouse, swimming pool and internet café.
Located at 1150 Maple Walk Circle, the 7.3-acre property is just east of Memorial Drive, providing connectivity to interstates 20 and 285. The surrounding area has several large retail options such as a Walmart Supercenter and Covington Place Shopping Center. Downtown Atlanta is some 8 miles west.
Greystone Managing Director Dan Sacks and Senior Managing Director Avi Kozlowski originated the financing on behalf of the borrower. Sacks was recently involved in the $131 million sale of a Chicago asset.
Atlanta was the top market for multifamily transactions in 2022, with almost $12 billion in total sales volume and registering 8.6 percent growth in per-unit price year-over-year. Although trending down, the metro’s investment market was still highly active, outranking its pre-pandemic peak registered in 2019 ($7.9 billion).
