Berkadia Negotiates Sales of Multifamily Properties in Metro Atlanta Totaling $80M
ATLANTA — Berkadia has negotiated two sales of four multifamily properties in metro Atlanta totaling $80 million. In the first sale, Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia arranged the combined $36 million sales of Pines at Greenbriar and Mountain Oaks on behalf of the seller, a joint venture between Adams Investor and Crown Bay Group. Pines at Greenbriar sold to Olive Tree Holdings and Mountain Oaks sold to Highland Properties Group.
Pines at Greenbriar is located at 2909 Campbellton Road in southwest Atlanta. The 376-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, playground and an onsite laundry facility. The buyer has plans to renovate an unspecified number of units. Mountain Oaks is located at 4719 Central Drive in Stone Mountain, 14 miles east of downtown Atlanta. The community offers one-, two- and three-bedroom floor plans along with community amenities such as a barbeque area, pool and a newly renovated clubhouse.
In the second deal, the same Berkadia team brokered the $44 million sale of Sedgefield Apartments and Castlebrook Apartments, two garden-style properties in Marietta. Berkadia represented the seller, Princeton Enterprises LLC. The Waldon Group acquired both properties. Sedgefield offers 280 units comprising one- and two-bedroom floor plans and is located at 1136 W. Commons Lane. Communal amenities include a fitness center, pool, playground and a picnic area. The 152-unit Castlebrook is located at 860 SE Franklin Road. The community offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a clubhouse.