Berkadia announced today the sale of The Residences at Stonebrook, a garden-style multifamily property in Forest Park, Georgia. Senior Managing Directors Andrew Mays and Paul Vetter, Senior Director Judy MacManus and Director Matthew White of Berkadia’s Atlanta office led the transaction on behalf of the seller, Texas-based Napali Capital.

The Residences at Stonebrook sold for $6 million to Georgia-based Zevulon Capital Inc. The sales price reflects a per-unit price of $60,000. The property was 94 percent occupied at the time of the sale.

“Property acquisition was a win-win for both buyer and seller,” said MacManus.“Seller achieved targeted returns for their investors while the buyer plans to create value with an interior renovation program.”

The Residences at Stonebrook was built in 1966, partially renovated in 2018, and features 100-units with fully equipped kitchens, walk-in closets and patio or balcony options. Located at 507 Georgia Ave, the property affords excellent connectivity to major metro employment hubs including Buckhead, Midtown, Downtown and Hartsfield-Jackson Atlanta International Airport.

About Berkadia®:

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.

To learn more about Berkadia, please visit www.berkadia.com.