Cushman & Wakefield Arranges $43M Sale of 2 Atlanta Properties

Cushman & Wakefield has completed the sale of two suburban Atlanta properties: Madison at River Sound, a 586-unit apartment complex located in Lawrenceville, and Covington Glen, a 254-unit apartment complex located in Decatur.
Atlanta–Cushman & Wakefield has completed the sale of two suburban Atlanta properties: Madison at River Sound, a 586-unit apartment complex located in Lawrenceville, and Covington Glen, a 254-unit apartment complex located in Decatur.
Madison at River Sound was sold by an unnamed seller to B&M Management for $39 million. The apartment complex consists of one, two, and three-bedroom units with an occupancy rate in the 93% range. Madison at River Sound apartments is located at 980 Walther Blvd., off SR-316 in Lawrenceville.

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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