Cushman & Wakefield has arranged the $52.1 million sale of The Marquis on Berkeley, a 323-unit apartment community located in Duluth, Georgia. Mike Kemether, Travis Presnell and Josh Goldfarb of Cushman & Wakefield represented the seller in the transaction. A local operator acquired the property for $161,310 per unit.
One of the biggest changes that has taken place in Atlanta over my career is that Gwinnett County has transformed from a commodity multifamily market to a barriers market with a business-oriented government serving over 1 million people, Kemether said. For these reasons, most Gwinnett properties have performed really well. The Marquis on Berkeley is a fantastic product, and it will be fun to see what the buyer can do with such a great canvas.
Built in 2002, The Marquis on Berkeley is located within the Northeast Atlanta path of progress, just minutes from millions of square feet of Class A office space, thousands of jobs, national retail, major entertainment centers and back-door access to North Fulton. Amenities include a playground, expansive sundeck, fitness center, garages, lighted tennis courts and a resort-style pool.
In 2017, Cushman & Wakefields Southeast Multifamily Advisory group closed $4.8 billion in sales volume through 268 deals and more than 55,000 units. For more information about Cushman & Wakefields 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 by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source: Cushman & Wakefield