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Berkadia Secures $18M of JV Equity to Acquire $34M Multifam near Atlanta
Berkadia has secured a JV equity partner for the off-market acquisition of Wildcreek Apartments, a 242-unit Class B apartment community located in Clarkston, GA.
Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital lined up the equity partner, MLG Capital, on behalf of Miami-based One Real Estate Investment. MLG contributed $17.5 million in equity toward the $34 million acquisition as the property was purchased with a loan assumption.
Wildcreek Apartments, located in 18 miles west of downtown Atlanta in Dekalb County, Situated in Dekalb County, was 97% occupied at sale.
“OREI remains bullish on the Atlanta MSA with Wildcreek Apartments serving as our team’s third acquisition in the metro in 2021,” said Jeronimo Hirschfeld, CEO of OREI. “The Southeast Dekalb submarket’s demonstrated rent growth and a lack of upcoming new supply prompted OREI’s interest in Wildcreek and align closely with our team’s value-add investment strategy for the asset.”
- ◦Sale/Acquisition
