Cushman & Wakefield Arranges $43M Sale of 2 Atlanta Properties
- Oct 12, 2009
Covington Glen was sold by Freddie Mac to Southwood Real Estate for $4.5 million. The property contains one and two-bedroom garden and townhouse units, with an occupancy rate in the 70% range. Built in 1989, the apartment community is located at 5816 Covington Highway in Decatur.
Chris Spain, David Gutting, Larry Orr, and Nathan Swenson, of Cushman & Wakefield’s Atlanta-based Apartment Brokerage Services represented the sellers and procured the purchasers.
“The acquisition of Madison at River Sound provided the buyer the opportunity to purchase a high quality apartment community in a well respected suburban location with favorable returns generated from existing cash flow,” says David Gutting, an executive director of Cushman & Wakefield. “Covington Glen represented a value add opportunity for the buyer to acquire a lender-owned property at an attractive price per unit, upgrade the asset through unit interior and exterior renovations, all which will lead to upside potential when the overall market rebounds.”
“Despite the historic challenges that exist in the commercial real estate market, our team has been able to complete the sale of 20 multifamily transactions in Atlanta and throughout the southeast this year due to opportunistic buyers and a steady supply of agency debt capital,” says Spain, an executive director of Cushman & Wakefield.
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