ATLANTA – January 8, 2021 – Berkadia announced today the sale of Vinings Apartments, a 106-unit garden-style multifamily property located in Smyrna, Georgia. Director Matt White along with Senior Managing Directors Andrew Mays and Paul Vetter and Senior Director Judy MacManus, all of Berkadia’s Atlanta office, together completed the $16 million sale on behalf of the seller, WA-based JJM Investments, LLC. The buyer was New York-based DXE Properties, and the deal closed on December 15, 2020.
“The quality of this asset and desirability of the community’s Smyrna location were highlighted as collections remained strong and proved resilient in the face of a volatile year,” said White. “In addition to the headwinds created by circumstances surrounding COVID-19 in 2020, the sale required a loan assumption with an interest rate north of 5 percent. Our team is thrilled to help DXE Properties capitalize on the opportunity to enter the Atlanta market while satisfying their exchange needs.”
Located at 4098 S Cobb Drive SE, Vinings Apartments features one- and two-bedroom floor plans with wood-burning fireplaces and washer and dryer connections. Renovated in 2014, community amenities include a clubhouse, a swimming pool with sundeck, a fitness center and a picnic area with grilling stations. Residents are afforded convenient access to Cumberland Mall and local employers such as Lockheed Martin, the Home Depot Headquarters and the UPS Logistics center.