ATLANTA — February 22, 2021 — Berkadia announced today the sale of Birch Run, a 198-unit garden-style multifamily property in Clarkston, Georgia. Senior Director Judy MacManus, along with Senior Managing Directors Paul Vetter and Andrew Mays and Director Matt White of Berkadia’s Atlanta office completed the sale on behalf of the seller, California-based Praxis Capital. The buyer was Fillmore Capital Partners, also based in California, and the deal closed on February 11.
“This property received strong investor interest as it is well-situated within the Clarkston market, which has shown strong fundamentals since 2014. The property itself has experienced impressive growth in effective gross income given its extensive capital improvements,” said MacManus. “New ownership will continue to implement the value-add strategy at Birch Run which presented multiple upside opportunities.”
“We are very excited about addition of this high quality, strongly performing property in a high growth area, which brings our total portfolio in Georgia to over 2,350 units, with more acquisitions on the horizon,” said Mr. Michael Reinardy, Senior Vice President of Fillmore Capital Partners.
Located at 800 Summerwood Drive, Birch Run features two-bedroom floor plans. Renovated in 2018, community amenities include a clubhouse, a business center, a fitness center, a swimming pool, a sports court, a picnic area with outdoor grilling stations and a dog park. The property is conveniently located near Interstate 285 and employment hubs such as DeKalb County Government, Emory University Orthopedic and Spine Hospital and DeKalb Medical Center.