ATLANTA – August 27, 2019 – Berkadia today announced nearly $40 million in the combined sales of Azalea Ridge Apartments and Creekside Apartments, two garden-style multifamily properties in Georgia. Senior Managing Directors Paul Vetter and Andrew Mays and Director Matthew White, all of Berkadia’s Atlanta office, completed the sales on behalf of both the seller, Atlanta-based Zavala Capital, and the buyer, Connecticut-based Silver Point Capital LLC. Both sales closed on July 19.
“This portfolio transaction represented Silver Point Capital’s breakthrough into the Atlanta market and was a successful turnaround for the seller,” said Mays.
The team, along with Senior Director Judy MacManus of Berkadia’s Atlanta office, completed the $27.4 million sale of Azalea Ridge Apartments. Located at 3214 Valley Bluff Drive in Doraville, Georgia, the property features 281-units with one-bedroom floor plans with vinyl flooring, air conditioning and vaulted ceilings. Community amenities include a fitness center, a pool, a tennis court and a picnic area.
Along with Senior Director John McCalla of Berkadia’s Atlanta office, the team completed the $12.48 million sale of Creekside Apartments. Located at 3637 Pleasantdale Road in Atlanta, the property is a 96-unit property with one- and two-bedroom floor plans with ceiling fans, air conditioning and walk-in closets. The pet-friendly community offers features a pool.
Residents of both properties are afforded convenient access to Pleasantdale Park, Graves Park, Interstate 285 and Interstate 85.