ATLANTA and DENVER – April 1, 2021 – Berkadia announced today the sale of and financing secured for Lexington on the Green, a 216-unit garden-style multifamily property located in Lithonia, Georgia. Senior Managing Directors Andrew Mays and Paul Vetter, Director Matt White and Senior Director Judy MacManus of Berkadia’s Atlanta office completed the sale on behalf of the seller, Missouri-based Maxus Properties. The buyer was Utah-based Peak Capital Partners, and the deal closed on February 26.
Managing Director Matt Schildwachter of Berkadia’s Denver office secured acquisition financing through Freddie Mac on behalf of the buyer. The 10-year Freddie Mac loan features a 30-year amortization period.
“Located in a high barriers-to-entry submarket, Lexington on the Green is an asset that is priced well below current replacement cost,” said Mays.
Located at 5850 Hillandale Drive, Lexington on the Green features one-, two- and three-bedroom floor plans with patios or balconies. Community amenities include a swimming pool, a fitness center, an outdoor area with grilling stations, a media room and a business center. Residents are afforded convenient access to Interstate 20, the shops and restaurants along Panola Road and employment hubs such as Kaiser Permanente Panola Medical Center and Emory Hillandale Hospital.