January 12, 2021
Berkadia has arranged the $16 million sale of Vinings Apartments, a 106-unit garden-style multifamily property in Smyrna.
Located at 4098 S Cobb Drive SE, the community consists of one- and two-bedroom floor plans with wood-burning fireplaces as well as washer and dryer connections. Renovated in 2014, amenities include a clubhouse, swimming pool, fitness center and a picnic area with grilling stations. The community is nearby Cumberland Mall as well as local employers Lockheed Martin, the Home Depot Headquarters and the UPS Logistics center.
Matt White, Andrew Mays, Paul Vetter and Judy MacManus of Berkadia’s Atlanta office represented the seller, JJM Investments LLC. The buyer was New York-based DXE Properties.
“The quality of this asset and desirability of the community’s Smyrna location were highlighted as collections remained strong and proved resilient in the face of a volatile year,” said White. “In addition to the headwinds created by circumstances surrounding COVID-19 in 2020, the sale required a loan assumption with an interest rate north of 5 percent. Our team is thrilled to help DXE Properties capitalize on the opportunity to enter the Atlanta market while satisfying their exchange needs.”
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Tags: Apartments & Multifamily