Berkadia Closes $26M Suburban Atlanta Deal
- Aug 27, 2020
Berkadia has arranged the $25.6 million sale of Retreat 138, a 180-unit community in Stockbridge, Ga. Senior Managing Directors Paul Vetter and Andrew Mays, Managing Director Russ Hardy, Senior Director Judy MacManus and Director Matthew White negotiated on behalf of the seller, Aspen Square Management. The Walden Group acquired the Class B property. Yardi Matrix data shows the asset last changed hands in 2016 for $11.3 million.
Situated on 30 acres at 3384 Mount Zion Road, Retreat 138 has eight two- and three-story buildings completed in 2001. Its one- to four-bedroom floorplans range from 809 to 1,454 square feet. Amenities include a fitness center, business center, pool, playground and sand volleyball court.
Located some 20 miles southeast of downtown Atlanta, the property is connected to the metro via a commuter bus station less than half a mile away. The community is a short distance north of the Lake Spivey Parkway retail corridor, near the intersection of interstates 75 and 675.
In December, a Berkadia team assisted Benimax in selling two suburban Atlanta communities, providing the buyer with $32 million in acquisition financing. Praxis Capital paid nearly $41 million for the assets.