Berkadia Completes $150 Million Sale of Multifamily Portfolio in Georgia
ATLANTA – January 26, 2022 – Berkadia announced today the $150 million sale of Suburban Atlanta 3 Portfolio, which consists of 584-units of early 2000s product. The portfolio is located in the well-insulated markets of Paulding and Forsyth County in Atlanta, Georgia. Director Mike Riley, Senior Director Judy MacManus, Senior Managing Directors Paul Vetter and Andrew Mays and Director Matt White of Berkadia Atlanta Investment Sales represented the seller on the transaction. The buyer was California-based Praxis Capital, who was able to close the transaction 23 days from signing the PSA.
“We have had a great partnership with Praxis for the last decade and were thrilled to help them move into some of Atlanta’s most sought after markets,” said MacManus. “The population growth and barriers to entry for new development in Paulding and Forsyth County make these assets great long-term investments.”
“Pegasus has done a fantastic job managing these assets over the last decade, which allowed our client to see a great return on their investment,” said Riley. “Given the market fundamentals, these assets are in a great position for long term growth.”
The portfolio consists of two assets in Paulding County, 206-unit Evergreen at Lost Mountain and 194-unit Evergreen at Magnolia Commons, and one asset in Forsyth County, 184-unit Evergreen at Aubrey’s Landing.