Stonegate at Eagle’s Landing Sells for $150,299 Per Unit, Mandalay Villas Sells for $162,500 Per Unit
Cushman & Wakefield has arranged the sales of two apartment communities in south Atlanta totaling $73.85 million. Mike Kemether, Travis Presnell, and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions.
The Radco Companies acquired Stonegate at Eagle’s Landing, a 167-unit apartment community located in Stockbridge, Georgia, for $25.1 million. Built in 2006, Stonegate at Eagle’s Landing is a well-maintained asset with oversized floor plans and attractive exterior design.
Rockworth Acquisitions acquired Mandalay Villas, a 300-unit apartment community located in McDonough, Georgia, for $48.75 million. Mandalay Villas is a Class A asset constructed in the “big house” style with oversized floor plans and house-like private entrances and attached garages.
“Though Mandalay Villas and Stonegate at Eagle’s Landing are both extremely well located deals on the south side of Atlanta, this is where the similarities end,” said Kemether. “Mandalay Villas is incredible big house product at a great basis with upside. Stonegate provides higher-than-market day one yield for its new owner, with the ability to push revenue further in coming years. I am excited to see where each owner takes these deals over the next couple of years.”
Cushman & Wakefield’s Southeast Multifamily Advisory Group ranked No. 1 in market share in 2018 based on closed transactions, totaling more than $4.5 billion in sales volume, according to Real Capital Analytics. For more information about Cushman & Wakefield’s Southeast Multifamily Advisory Group, visit https://multifamily.cushwake.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
