Berkadia Completes Nearly $22 Million Sale of Multifamily Property in Metro Atlanta

September 3, 2019

Berkadia Completes Nearly $22 Million Sale of Multifamily Property in Metro Atlanta

September 3, 2019
17092

ATLANTA – August 30, 2019 – Berkadia announced today the sale of Villas at Duluth, a 164-unit garden-style multifamily property in Duluth, Georgia. Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White of Berkadia’s Atlanta office completed the $21.8 million sale on behalf the seller, New York-based The Walden Group. The buyer was Benimax, based in Atlanta, and the deal closed on August 27.

“With an average unit size of almost 1400 square feet, Villas at Duluth offers the opportunity for large rent growth on an already well-performing asset,” said Mays.

Located at 1470 Boggs Road NW, Villas at Duluth features one-, two-, three- and four-bedroom floor plans with air conditioning and private balconies. Community amenities include a fitness center, a playground, a pet park, a soccer field, a swimming pool and a barbecue area. Residents are afforded convenient access to Sweetwater Creek, Lee Daniel Creek and the shops and restaurants along Old Norcross Road.