ATLANTA – July 8, 2019 – Berkadia announced today the sales of two garden-style multifamily properties in Georgia, Lakeside Reserve and Willow Way. Managing Director John McCalla, of Berkadia’s Atlanta office, completed the combined $26.9 million in sales this past spring on behalf of an Atlanta-based seller and New York’s-based buyer Tusk Equity Partners, LLC.
Located at 4001 Lakemont Drive in College Park, Georgia, Lakeside Reserve is a 372-unit property with one-, two- and three-bedroom floor plans with soundproof windows and doors, lake views, spiral staircases and air conditioning. Community amenities include a playground, a pool, planned social activities and on-site management. Residents are also afforded convenient access to Camp Creek Marketplace, Interstate 85 and Hartsfield International Airport.
“The Lakeside Reserve deal represents the firm’s eleventh acquisition in the area over the last two years,” said Moshie Horn, Principal of Tuck Equity Partners LLC. “The deal represents a true value-add acquisition for us, and we intend to do a complete overhaul of the property—including, but not limited to, revitalizing the lake, decking, ball courts, leasing center, pool, security gates, signage, laundry facilities, outdoor LED lighting and installing all new appliances and vinyl floors. We believe that within nine months of ownership, we can create a landmark asset, restore the property back to its glory days and create a place that 372 families are proud to call home.”
Located at 5890 Riverdale Road in Atlanta, Willow Way affords convenient access to Interstate 285, Interstate 85, Interstate 75 and the shops and restaurants along Garden Walk Boulevard. The 296-unit property features one-, two- and three-bedroom floor plans with updated fixtures and spacious rooms. Community amenities include a pool, a playground and on-site laundry facilities.
“The recent purchase of the Willow Way Apartments further expanded our Atlanta portfolio,” said Horn. “The existing portfolio was comprised of over 2,000 units and primarily included an investor base of family and friends. Willow Way represents its first joint venture, partnering on the deal with a significant NY family office, the Read Property Group. This strategic acquisition brings together the Read’s substantial strength, network and financial wherewithal, combined with Tusk’s expertise and localized network, to establish operational efficiencies and bring in its base of governmental tenancies, family programs and proven ability to develop a family-friendly atmosphere.”