Matthews™ Completes $6.5M Sale of Athens Multifamily Property

Athens, GA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $6.5 million off-market sale of Cielo At Athens and included financing from Matthews™ Capital Market Division. The multifamily property has 44 units and is located at 115 Berlin Street, Athens, GA. Associate Vice President Connor Kerns represented the seller in the transaction.  First Vice President Chad Plumly of Matthews™ Capital Markets handled the financing.

 

The seller, Zavala Capital Group, is a multifamily real estate investment firm based in Atlanta, GA, looking to extract value from the property to expand its portfolio throughout the state. Convolo Capital acquired the facility to continue building scale in the Northeast region of Georgia.

 

“The buyer achieved a tremendous opportunity to implement a value-add business plan to continue improving the asset’s value,” said Kerns. “We were able to broker a deal that satisfied both parties and positively impacted their portfolios.”

 

The property is within five miles of multiple universities, including the University of Georgia, Piedmont College, Athens, and Athens Technical College. It is also within walking distance to popular retail destinations Athens Plaza and Gateway Shopping Center.

 

“Despite rising interest rates, I was able to inform and manage the expectations throughout the transaction process and execute a seamless closing,” said Kerns.

 

For more information, or to contact Connor Kerns, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investments Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 400 agents and support staff in 14 offices across the United States, continues to focus on expansion into new markets. For more information, please visit www.matthews.com.