Commercial real estate firm Matthews Real Estate Investment Services has arranged the $6.1 million sale of Magnolia Hall Apartments, a 48-unit apartment community in Roswell built in 1964. Located at 756 Mimosa Blvd., the property is nearby historic Downtown Roswell.
Austin Graham and David Harrington of Matthews Real Estate brokered the transaction on behalf of the seller, CGI Strategies, a firm out of Woodland Hills, CA. The buyer, Zevulon Capital, is based out of Atlanta. The buyer was interested in adding another well-located value-add deal to its growing Atlanta portfolio.
“This particular property is unique in that it is one of the few, older vintage garden-style properties in Historic Downtown Roswell,” said Austin Graham, a senior associate at Matthews. “With most of the supply in the area being Class A, new construction units, the buyer will benefit by being able to take advantage of significant rental upside while still remaining the affordable rental option.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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