Wilkinson Corp. has purchased a 456-unit Class B multifamily portfolio in Atlanta from Marquis Investments for $50 million. The transaction includes the 100-unit Northeast Plaza, the 244-unit Terraces at Brookhaven and the 112-unit Epic Gardens. The buyer financed the acquisition with a $38.3 million Fannie Mae loan originated by Berkadia. The mortgage matures in August of 2030, according to DeKalb County records.
Wilkinson is merging two of the communities—Northeast Plaza and Terraces at Brookhaven—into a single asset that will be known as The Commons at Briarwood. The property, located at 3506-3510 Buford Highway N.E., consists of one-, two- and three-bedroom units with floorplans ranging from 732 to 1,300 square feet. Amenities include swimming pools, laundry facilities, a playground and 215 parking spaces.
Situated at at 3460 Buford Highway N.E., Epic Gardens contains one- to three-bedroom apartments, each with 700 to 1,340 square feet. Community amenities include two swimming pools, a laundry facility and 224 parking spaces. The asset was 98.2 percent occupied as of July, according to Yardi Matrix data.
Berkadia’s Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White represented the seller in the deal. Senior Managing Director Richard Levine secured the financing on behalf of the buyer.
This is not the first deal Wilkinson is involved in in the area. In late 2017, the company acquired a 654-unit community in the Atlanta suburb of Marietta, Ga., for $61 million.
Images courtesy of Yardi Matrix