Saker Capital Advises Coastal Ridge Real Estate on JV Acquisition of Newly Completed Atlanta Community.
South City Partners and ELV Associates have sold WILLIS Avondale Estates, a 197-unit community in Decatur, Ga. The joint venture of Coastal Ridge Real Estate and SEDCO Capital acquired the Class A asset completed in 2019. According to Yardi Matrix data, the developer started construction on the project in 2017 with a $25.5 million loan from Cadence Bank, due to mature in 2022. Cushman & Wakefield assisted the seller in the deal and procured the debt financing for the buyers. Coastal Ridge Real Estate was advised by Saker Capital on this transaction.
Located at 2700 E. College Ave., the five-story community also includes ground-floor restaurants and retail. The WILLIS’ one- and two-bedroom apartments range in size from 627 to 1,284 square feet. Amenities include a swimming pool, fitness center, community lounge and pet spa, as well as coworking-style micro-offices. The 3.2-acre property is 1 mile east of downtown Decatur and 7 miles from downtown Atlanta, close to the historic Avondale Estates. The community is within walking distance to Avondale metro station and East Decatur Station shopping center.
Coastal Ridge was advised by Saker Capital in connection with this transaction.