Cushman & Wakefield has arranged the $35.67 million sale of Avenues 85, a 392-unit apartment community located in Northeast Atlanta. Tyler Averitt of Cushman & Wakefield represented the seller, The Walden Group, in the transaction. Emma Capital acquired the property.
“Positioned directly in Atlanta’s northeast path of progress and flanked by a surge of new development in Chamblee, North Druid Hills and Northlake, Avenues 85 provided a unique opportunity to acquire an infill community at a fraction of replacement cost,” Averitt said.
Avenues 85, built in 1967, benefits from outstanding visibility from Interstate 85, with daily traffic counts exceeding 200,000 vehicles. Avenues 85 is primed to benefit from an extensive interior value-add initiative and improvements to existing amenities.