ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank.
The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale.
The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at the time of sale.
Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville, is the third property in the portfolio. The community offers one-, two- and three-bedroom apartments with an average unit size of 724 square feet. The units feature plank-wood flooring and updated kitchens. Community amenities include onsite maintenance, resident events and social activities, community clubhouse, onsite management and laundry facilities. The property was 88 percent occupied at the time of sale.