Berkadia has sold The Haven at Commons Park, a 319-unit Class A property built in 2009 and located in the Shallowford Road area near Hamilton Place Mall. The property was operating with occupancy rates near 95 percent, with an average in-place rent of $1,027 per unit when it sold.
David Oakley and David Wilson with Berkadia’s Alabama team, in conjunction with Marcus Lyons of Berkadia’s Chattanooga team, represented the seller, Flournoy Companies of Columbus, Georgia.
Flournoy, the original developer and management company for The Haven, upgraded the interiors, installing granite countertops in every kitchen and bathroom. Some units were also upgraded with wood-style vinyl plank flooring, new farm-style kitchen sinks and new kitchen faucets.
The Haven was part of the Flournoy 3 Portfolio, a three-property Class A portfolio that included The Verandas at Mitylene and The Verandas at Taylor Oaks, both 332-unit properties located in the eastern submarket area of Montgomery, Alabama.
Kevin McCormack, Brian Huff and Stephanie Morris of Berkadia’s Denver team facilitated financing for the portfolio. Three low-leverage loans were provided via Freddie Mac.
Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation. Information: www.berkadia.com.
Source: Berkadia