ATLANTA – April 5, 2019 – Berkadia announced today the $26 million sale of The Preserve at Collier Ridge, a 419-unit garden-style multifamily property in Fulton, Georgia. Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White of Berkadia’s Atlanta office completed the sale on behalf of the seller, Atlanta-based DRI Legacy, LLC. The buyer was Montreal-based Frankforter Group and the deal closed on February 28.
“The property is located in a newly registered “Opportunity Zone” and proximate to the new $460 million UPS distribution facility which contributes to a strong value-add story for the property,” said MacManus.
“Currently 100 percent affordable with qualified contract eligibility, Preserve at Collier Ridge is a Section 42 LIHTC community that is eligible for market-rate conversion in 2021 and allows new ownership to benefit from substantial upside in the near future,” added White.
The Preserve at Collier Ridge features one-, two- and three-bedroom floor plans with dishwashers, garbage disposals, air conditioning and private balconies. Community amenities include a pool, a playground, laundry facilities and a picnic area. The new ownership plans to upgrade the existing fitness center and add both a business center and a community room. Located at 1021 Harwell Road NW, the property affords convenient access to Interstate 285.