Berkadia announced today the sale and financing of Terraces at Summerville, a 120-unit, garden-style multifamily property in Augusta, Georgia. Managing Director, Mark Boyce, and Director, Blake Coffey, of Berkadia’s Charleston office completed the sale on behalf of the seller, Covenant Capital Group. The deal closed on December 17.

Senior Managing Director John Bray of Berkadia’s Atlanta office secured acquisition financing through Fannie Mae on behalf of the Nebraska-based buyer, Burlington Capital. The deal closed on date December 17.

“Covenant Capital has done an excellent job with the renovation and repositioning of Terraces at Summerville. The asset is fully stabilized, located in one of the strongest sub-markets of Augusta and with the amount of growth happening in the area, we expect rents and performance to continue on a positive trajectory,” said Boyce.

Located at 824 Hickman Rd, Terraces at Summerville was fully renovated over the past 24 months and features 120 units. The property affords convenient access to Downtown Augusta via I-520 and the I-20 loop.

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Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.