National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Top Broker Honoree: Berkadia Atlanta Multifamily Team
The Berkadia Atlanta multifamily team, consisting of Andrew Mays, Paul Vetter, Judy MacManus, John McCalla and Matt White, successfully closed more than 60 transactions totaling nearly $1.2 billion in 2019.
One of their most notable deals from 2019 was Ashford Druid Hills, a 982-unit garden-style multifamily property in Atlanta subjected to a 35-year ground lease. Previously, two other brokers tried to secure this deal, with no success. In order to expand the buyer pool, the Atlanta team uncovered that a 1031 buyer could take it down, and ultimately owe no capital gain taxes on any of their 1031 chain because they were giving the asset back at the end of the 35-year ground lease. This took hours of extensive conversations with 1031 consultants and accountants, but once proven, it greatly enhanced the buyer pool.
Other notable transactions in 2019 included the $41-million sale of The Reserve and Friendly Hills Apartments, two garden-style multifamily properties in Georgia; the $28.1-million sale of Creekstone Apartments and Garden Walk Apartments, two garden-style multifamily properties in Georgia and the $24.5-million sale of Brookstone at Brookhaven, a 158-unit garden style multifamily property in Atlanta.
