Wilkinson Corp. purchased the 654-unit apartment community known as Ashford Retreat in Marietta, Ga. The property was sold by RADCO Cos. for $61 million. A Berkadia team of brokers represented both parties in the transaction, while also providing equity for the deal and the debt on behalf of the buyer.
The apartment community offers 392 one-bedroom and 262 two-bedroom units. Residences range in size between 798 and 1,180 square feet. Built in 1970, Ashford Retreat offers common amenities such as a waterscape, fitness center, clubhouse, tennis court, playground, swimming pool, business center and laundry facilities. According to Yardi Matrix, the average monthly rent is at $869, with an occupancy rate of 97 percent.
Opportunities in growing Atlanta
Ashford Retreat is located at 2121 Windy Hill Road. In the vicinity, residents can access a multitude of shops and restaurants along Route 41, as well as further East on Windy Hill Road, towards Interstate 75, which is situated about five minutes from the property. Kennesaw State University is situated approximately 11 minutes away by car. The Perimeter can be reached in 15 minutes, while downtown Atlanta is half an hour away.
“The sale of Ashford Retreat reflects seminal opportunities for successful transactions in and around Atlanta due to booming developments that showcase the city’s business, entertainment and living districts. We are thrilled to have supported the sale and capital sourcing to create value for both RADCO Companies and Wilkinson Corporation,” said Andrew Mays, managing director at Berkadia, in a prepared statement.
RADCO is an active buyer in the local market, having previously completed the purchase of a 260-unit Norcross residential asset.
Image courtesy of Yardi Matrix