Atlanta, GA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company announces the sale of 2100 Defoors, a multifamily property located in Underwood Hills, a neighborhood in the Buckhead District of Atlanta, GA. The investment sales agents for the property were Multifamily Associate, Connor Kerns and Executive Vice President and Managing Director David Harrington.
The apartment complex, located at 2100 Defoors Ferry Rd in Atlanta, GA, was built in 1987 and consists of 60 units. The gross square footage of the property is approximately 41,520 square feet. The multifamily asset was sold by Colliers Apartment Group LLC to 2100 Defoors LLC for $8.65M. The buyer was motivated by their desire to purchase more value-add opportunities in prime Atlanta neighborhoods. The going-in cap rate achieved on this transaction was just below 4.5%.
“The seller in this transaction, was a client of ours who we have an established relationship with. The seller contacted us after we sold another value-add multifamily asset in the Virginia Highlands earlier this year,” said Associate of Multifamily Connor Kerns. “We were able to create a favorable situation for the seller by negotiating a non-refundable earnest money deposit upon signing of the purchase agreement, which helped to increase the certainty of closing.”
“The location of this asset coupled with the upside potential that exists is a great opportunity for the buyer. This was the buyer’s first acquisition in the immediate Atlanta area this year, but they have been involved in numerous transactions throughout the Southeast,” said Executive Vice President and Managing Director David Harrington. “This deal would not have happened without the strong relationships we have established in the industry.”
For more information regarding the sale of 2100 Defoors in Atlanta, GA or if you have any other questions relating to multifamily assets, please do not hesitate to reach out to Connor Kerns or David Harrington. To view current listings, please visit www.matthews.com.
Matthews Real Estate Investment Services™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Leasing, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.