Privately held real estate invesment firm Zevulon Capital Inc. closed on the acquisition of two metro-Atlanta multifamily communities for $74 million.
The properties are Grace Chamblee, a 306-unit community at 3480 Morningside Village Lane in Doraville, which was purchased from MSC Investments for $47.7 million, and Retreat at Stone Mountain, a 212-unit complex at 400 Ashley Place in Stone Mountain, which was purchased with Admiral Capital Group affiliate AB Finance for $26.4 million.
Both properties will be repositioned, rebranded and renamed, Zevulon said in a press release. The assets will be managed, marketed and leased by the firm’s asset-management partner, RADCO Residential.
“Zevulon is in growth mode as we continue targeting core-plus and value-add B and C workforce properties in the Southeast,” Zevulon principal Yossi Kagan said. “Our property portfolio is designed to provide our investors and financial partners with a range of investment opportunities.”
The acquisitions come on the heels of Zevulon’s $94.75 million purchase of a 520-unit community in Duluth with Chevy Chase, Md.-based FCP that was completed earlier this month. The partners plan to renovate and reposition the Gwinnett County value-add asset.
So far in 2021, Zevulon has invested $209.9 million in six Atlanta apartment communities, and in September, the firm sold two communities that it purchased in April 2020 for $14.3 million for $24.8 million.
Greystone Brown Real Estate Advisors’ Taylor Brown and Barden Brown represented Zevulon in the Retreat at Stone Mountain transaction, while Berkadia’s Andrew Mays and Paul Vetter represented it in the Grace Chamblee deal.