Atlanta-Area Community Trades for $62M
- Aug 09, 2021
Acento Real Estate Partners has acquired Lakeview I and II, a 540-unit community in Stone Mountain, Ga., for $62.2 million from Praxis Capital.
Berkadia arranged the disposition. The property is within an Opportunity Zone and has undergone recent capital improvements, including upgrades to 32 units.
Prior to its acquisition by Praxis Capital in 2019, Lakeview I and II served as two separate properties. The current seller purchased the communities from two different companies and merged them. According to public records, the properties previously traded for a combined sale price of $40.4 million.
The most recent transaction marks Acento’s second acquisition in the Atlanta market since the start of the pandemic. Due in part to the metro’s stable in-migration boosting demand, Atlanta rent growth has been outperforming U.S. averages since last summer.
Located at 200 Summit Lake Drive on a 45-acre site, the community offers one-, two- and three-bedroom apartments. The units distributed across 50 buildings range from 527 to 1,468 square feet.
Lakeview I and II features a laundry facility, two swimming pools, two playgrounds as well as an outdoor area outfitted with grilling stations.
Downtown Atlanta is roughly 15 miles southwest of Lakeview I and II. The property is less than 3 miles from Stone Mountain Park as well as the Hugh Howell Road retail corridor. The garden-style community provides easy access to freeways 10 and 78 as well as one of the area’s employment hubs, Stone Mountain Industrial Park, less than 2 miles away.
Berkadia Senior Director Judy MacManus, Senior Managing Directors Paul Vetter and Andrew Mays and Director Matthew White represented the seller. In October, the same team facilitated the sale of a 174-unit community in Conyers, Ga. Level at Tall Oaks traded for $17.2 million.