Atlanta, GA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, recently brokered the sale of Hidden Cove Apartments in Atlanta, GA for $8.52M. The transaction was successfully brokered by Associate of Multifamily, Austin Graham, Associate of Multifamily, Connor Kerns, and Executive Vice President & Managing Director, David Harrington. The property address is 1900 Stanton Delowe Road, Atlanta, GA.
The multifamily property was built in 1965 and consists of 164 units in approximately 139,000 square feet on an 11.6-acre lot. The property boasts 200 surface parking spaces as well as a fitness center, pool, basketball court, and playground. Atlanta is the capital of and the most populous city in Georgia and is the ninth-largest metropolitan area in the United States. The multifamily asset is situated in the growing East Point suburb of Atlanta, just 10 minutes from downtown Atlanta and Hartsfield-Jackson Airport with easy access to I-85, I-75, and I-285.
“To facilitate this closing, we had to navigate a deal with the city to abandon a city-owned piece of land needed to convey a clear title,” said Associate Austin Graham. “In the end, we overcame this small obstacle and created a win-win for the buyer and seller. Graham also discussed the marketing process and the tremendous interest generated in the opportunity saying, “By leveraging our shared database and marketing technology, we were able to send this deal to investors across the country resulting in 250 offering memorandum downloads and ultimately 17 written offers. We created a highly competitive environment with the intention of yielding superior results for our client.”
Infinity BH was the seller in the transaction. Infinity felt that the asset no longer fit their portfolio and saw the opportunity to capitalize on the market. The buyer Joe Harker of Sarmaya Capital, was sourced by Matthews™ through their unique and industry leading marketing platform. Harker has experience in doing value add deals throughout the Atlanta metro and the Southeast and saw this as a great opportunity to reposition the property through renovations and improved management.
“The asset included 20 units that were unrentable and in need of major renovations,” said Executive Vice President & Managing Director David Harrington. “The buyer plans to spend $2M on renovations and capital improvements on the property.”
For more information regarding Hidden Cove Apartments in Atlanta, GA, or if you have any other questions related to multifamily investments, please do not hesitate to reach out to Austin Graham, Connor Kerns, and David Harrington. To view current listings, please visit www.matthews.com.
About Matthews REIS™
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Headquartered in El Segundo, CA, and strategically positioned with over 200 agents and 50 support staff in 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.