ATLANTA and PHILADELPHIA – August 21, 2019 – Berkadia announced today the sale of Ashford Druid Hills, a 982-unit garden-style multifamily property in Atlanta. Senior Managing Directors Paul Vetter and Andrew Mays, Senior Director Judy MacManus and Director Matt White of Berkadia’s Atlanta office, completed the sale on behalf the seller, Atlanta-based RADCO Companies. The buyer was a private investor.
Senior Managing Directors Robert Falese, of Berkadia’s Philadelphia office, and Richard Levine, of Berkadia’s Atlanta office, also secured financing for the property. The sale and financing closed on July 30.
“Given the dynamics of the asset, the substantial development in the immediate area and the professionalism of both buyer and seller, this was one of our most compelling and fun transactions,” said Mays.
The property was encumbered with 34 years left on a ground lease and is surrounded by more than $2.6 billion in major developments, including the $1.5 billion health care project for the Children’s Healthcare of Atlanta and the $1.1 billion for Emory University’s “Health Innovation District” at Executive Park.
Located at 1491 Druid Valley Drive N.E., Ashford Druid Hills features one-, two- and three-bedroom floor plans with air conditioning, dishwashers, hardwood floors and large closets. Community amenities include two swimming pools, two tennis courts, a fitness center, a playground, a dog park and a community clubhouse.