ATLANTA—Ellington Woods and Lealand Place, two multifamily properties located northeast of Atlanta, have traded hands. Berkadia facilitated a $38.1 million sale and $28.5 million financing of the multifamily assets.
Berkadia senior directors Andrew Mays and Paul Fedder handled the sale and financing, respectively. Fedder arranged combined Freddie Mac loans.
“The Atlanta market experienced sustained job growth and heightened multifamily planning activity, deliveries and absorption in 2016,” Mays tells GlobeSt.com. “We expect a strong local economy to once again drive activity during the year ahead. The deals represented an excellent opportunity for a foreign national investor to acquire quality product in the Gwinnett County submarket, while also generating a desirable return for the seller.”
A local Atlanta-based private seller sold both properties. Ellington Woods was sold for $18.04 million to Ellington 192, LLC, and Lealand Place sold for $20.06 million to Lealand 180, LLC. The seven-year acquisition loans feature a 2.85% floating interest rate and a 70% loan-to-value ratio
Built in 1997, Ellington Woods is located at 1359 Beaver Ruin Road in Norcross, GA. The 180-unit multifamily property features one-, two- and three-bedroom apartments. Residents are conveniently located within one mile of I-85 and less than five miles from Gwinnett Place Mall.
Lealand Place is located at 2945 Cruz Road in Lawrenceville, GA, with quick access to Interstate 85 and Gwinnett Place Mall. The 192-unit multifamily property was built in 1998. Community amenities include a club house, a fitness center, a swimming pool and a tennis court.
Meanwhile, Sandy Springs is turning more multifamily investors' heads. And RADCO has invested millions in class B multifamily in the region.
Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.
ATLANTA—Ellington Woods and Lealand Place, two multifamily properties located northeast of Atlanta, have traded hands. Berkadia facilitated a $38.1 million sale and $28.5 million financing of the multifamily assets.
Berkadia senior directors Andrew Mays and Paul Fedder handled the sale and financing, respectively. Fedder arranged combined
“The Atlanta market experienced sustained job growth and heightened multifamily planning activity, deliveries and absorption in 2016,” Mays tells GlobeSt.com. “We expect a strong local economy to once again drive activity during the year ahead. The deals represented an excellent opportunity for a foreign national investor to acquire quality product in the Gwinnett County submarket, while also generating a desirable return for the seller.”
A local Atlanta-based private seller sold both properties. Ellington Woods was sold for $18.04 million to Ellington 192, LLC, and Lealand Place sold for $20.06 million to Lealand 180, LLC. The seven-year acquisition loans feature a 2.85% floating interest rate and a 70% loan-to-value ratio
Built in 1997, Ellington Woods is located at 1359 Beaver Ruin Road in Norcross, GA. The 180-unit multifamily property features one-, two- and three-bedroom apartments. Residents are conveniently located within one mile of I-85 and less than five miles from Gwinnett Place Mall.
Lealand Place is located at 2945 Cruz Road in Lawrenceville, GA, with quick access to Interstate 85 and Gwinnett Place Mall. The 192-unit multifamily property was built in 1998. Community amenities include a club house, a fitness center, a swimming pool and a tennis court.
Meanwhile, Sandy Springs is turning more multifamily investors' heads. And RADCO has invested millions in class B multifamily in the region.
Several economic factors have resulted in net positives for the multifamily sector and prices in core markets are at an all-time high. But just how long can the market continue on this trajectory? Join us at RealShare Apartments East on Feb. 28 and March 1 for insights on succeeding in the right markets as well as navigating and finding opportunities in the more challenging ones. Learn more.
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