CWS Community in Duluth, GA, Trades for $52M
- Sep 26, 2018
CWS Capital Partners has sold the Marquis on Berkeley, a 323-unit Class A community northeast of Atlanta for $52.1 million to The Shoptaw Group. CWS bought the asset from Paces Properties in August 2013 for $12.2 million, according to Yardi Matrix.
The buyer enlisted Fogelman Properties to manage the asset, which is located in Duluth, Ga., and has rebranded the property as The Berkeley Apartment Homes.
In January, Fogelman joined forces with Thackeray Partners to acquire a 284-unit community in Alpharetta, 12 miles northwest of The Berkeley.
Located at 2580 N. Berkeley Lake Road N.W., the garden-style community’s 16 buildings are positioned on 24.9 acres 2 miles north of Interstate 85. The property is across the street from a Walmart Supercenter and near a number of other retailers, as well as the 66.7-acre Shorty Howell Park.
The property has a mix of one-, two- and three-bedroom apartments and townhome units, with floorplans containing between 806 and 1,864 square feet. Amenities include a swimming pool, laundry facilities, a fitness center, a tennis court and a business center.
Cushman & Wakefield’s Mike Kemether, Travis Presnell and Josh Goldfarb represented CWS in the sale transaction.
Image courtesy of Yardi Matrix