ATLANTA — April 7, 2021 — Berkadia announced today the sales of Eagle Springs, Mountain Oaks and The Vue at Stone Mountain, three garden-style multifamily properties in Stone Mountain, Georgia. Director Matt White, Senior Director Judy MacManus and Senior Managing Directors Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the $34.55 million in combined sales on behalf of the respective sellers.
“Investment activity in Stone Mountain continues to outpace the metro average and these recent transactions highlight the growing trend,” said White. “With year-over-year rent growth north of 10 percent, minimal new supply and notable employers such as Amazon adding more than 1,000 jobs to the area, it’s easy to see why capital continues to flow into this submarket in search of value-add opportunities.”
Mountain Oaks is a 168-unit property located at 4719 Central Drive. The seller was New Jersey-based Exponential Development, and the buyer was California-based Fillmore Capital Partners. The deal closed on March 25. Mountain Oaks features one-, two- and three-bedroom floor plans with community amenities such as a business center, a swimming pool and a fitness center.
The Vue at Stone Mountain is located at 4969 Central Drive. The 134-unit property features two- and three-bedroom floor plans with walk-in closets and private balconies. Community amenities include a swimming pool, a sundeck, laundry facilities and a clubhouse. The seller was Massachusetts-based Nicas Group, and the buyer was New Jersey-based Silver Point Group, LLC. The deal closed on March 16.
Eagle Springs is located at 600 Eagle Springs Way. The seller was Atlanta-based Amifor Group Investment, Inc., and the buyer was New Jersey-based Silver Point Group, LLC. The 74-unit property features two-bedroom floor plans with washer and dryer connections. Community amenities include a picnic area with grilling stations. The deal closed on March 16.
All properties are conveniently located just north of Memorial Drive and proximate to employment hubs such as Stone Mountain Industrial Park, Eagle Rock Studios and Amazon’s new fulfillment center.