Berkadia Negotiates Multifamily Sale In Atlanta

2/4/21

Berkadia announced today the sale of Arbor Gardens, a 102-unit, garden-style multifamily property in Atlanta, Georgia. Director Matthew White, Senior Managing Directors Paul Vetter and Andrew Mays and Senior Director Judy MacManus of Berkadia’s Atlanta office led the transaction on behalf of the seller, a joint venture between Atlanta- based Atlantica, and New York-based Auerbach Funds. The deal closed on January 26.

Arbor Gardens sold for $7.8 million to New Jersey-based White Mountain Management. The sales price reflects a per-unit price of $76,471. The property was 99 percent occupied at the time of the sale.

“This was a great transaction for all involved. After repositioning the asset through various capex projects, this closing afforded the seller a highly lucrative return,” said White. “The property is now well-positioned for new ownership to further elevate the community by implementing their value-add business plan. With four down units and an adjacent pad site, the buyer will use their bridge loan to bring 8 units back online and boost cashflow for their investors.”

“It is always an added benefit to a successful property hold cycle when both the seller and the buyer feel that they mutually won,” said managing member Peter Auerbach of Auerbach Funds. “We effectuated our business plan with our terrific partners, Darion and Trent Dunn of Atlantica, and are looking forward to seeing White Mountain Management continue to improve this asset. Working with Matt White on our second successful sale, with a third under contract, has been a pleasure.”

Located at 5503 Riverdale Road, Arbor Gardens was built in 1973 and features units with upgraded interiors. The property is proximate to Hartsfield-Jackson International Airport. Just south of I-285 and centered between I-75 and I-85, the property affords convenient access to multiple industrial corridors and major corporations such as Delta Airlines Headquarters, Porsche North American Headquarters and Chick-fil-A Headquarters.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.

To learn more about Berkadia, please visit www.berkadia.com.

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