Walden Group Expands Atlanta Footprint With $44M Buy
- Oct 16, 2019
After the recent acquisition of a 140-unit multifamily property in the Atlanta metro, The Walden Group has purchased Castlebrook Apartments and Sedgefield Apartments, two Class B, garden-style communities totaling 432 units in Marietta, Ga. This purchase brings the company’s Atlanta portfolio to more than 4,700 units, per Yardi Matrix data. Princeton Enterprises sold the assets for $44 million total and Berkadia assisted the seller in the transaction.
The two communities are 6.5 miles apart. Castlebrook sits on 8.5 acres at 860 Franklin Gateway SE, close to Interstate 75, Kennesaw State University and Dobbins Air Reserve Base. The 23-acre Sedgefield is at 1136 W. Commons Road, near Interstate 75, WellStar Health System and Atlanta Beverage Co. Both properties are equidistant from Marietta Trade Center and New London Square.
Completed in 1975, Castlebrook features 152 one- to three-bedroom units across six two-story buildings. Sedgefield was built in 1972 and consists of 20 two-story buildings featuring one- to three-bedroom floorplans. Common area amenities of both communities include a swimming pool, fitness center, clubhouse and playground, Yardi Matrix data shows. Both properties were 97 percent occupied at the time of sale.
Berkadia Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White represented the seller in the deal.