Berkadia Facilitates $22M Sale of Metro Atlanta Community
- Sep 03, 2019
Berkadia has facilitated the sale of The Villas at Duluth, a 164-unit garden-style community in Duluth, Ga. Senior Managing Directors Paul Vetter and Andrew Mays, together with Senior Director Judy MacManus and Director Matt White, assisted the seller, The Walden Group, in the deal. Benimax Investment Group acquired the asset for $21.8 million. According to Yardi Matrix data, the property formerly known as Meridian Pointe last traded in 2017 for $16.9 million.
Located at 1470 Boggs Road N.W., The Villas at Duluth is less than one mile south of Interstate 85 and University Parkway, 3.2 miles southwest of Gwinnett Technical College. Downtown Duluth is roughly 5 miles northwest of the property, while downtown Atlanta is 26.5 miles southwest. Shopping and dining options are available within a one-mile radius.
Built in 1990 on 21 acres, the Class B community consists of 14 two- and three-story buildings, Yardi Matrix data show. The unit mix features one- to four-bedroom floorplans averaging 1,382 square feet. Community amenities include a fitness center, playground, pet park, soccer field and swimming pool. The property was 92.7 percent occupied as of July.
In July, a 264-unit asset traded 1.1 miles southwest of The Villas at Duluth. The Class B property commanded a little over $35 million.
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