Cushman & Wakefield has arranged the sales of two apartment communities in south Atlanta totaling $73.85 million. Mike Kemether, Travis Presnell, and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions.
The Radco Companies acquired Stonegate at Eagle’s Landing, a 167-unit apartment community located in Stockbridge, Georgia, for $25.1 million. Built in 2006, Stonegate at Eagle’s Landing is a well-maintained asset with oversized floor plans and attractive exterior design.
Rockworth Acquisitions acquired Mandalay Villas, a 300-unit apartment community located in McDonough, Georgia, for $48.75 million. Mandalay Villas is a Class A asset constructed in the “big house” style with oversized floor plans and house-like private entrances and attached garages.
“Though Mandalay Villas and Stonegate at Eagle’s Landing are both extremely well located deals on the south side of Atlanta, this is where the similarities end,” said Kemether. “Mandalay Villas is incredible big house product at a great basis with upside. Stonegate provides higher-than-market day one yield for its new owner, with the ability to push revenue further in coming years. I am excited to see where each owner takes these deals over the next couple of years.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.