Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a two-property multifamily portfolio in Decatur, Georgia. The properties, Austin Estates and Park Estates sold for $32.25 million, or $126,969 per unit.
John T. McCalla, senior vice president investments of the McCalla Group of Marcus & Millichap in the firm’s Atlanta office, had the exclusive listing to market the property on behalf of the seller, Austin Sureste Partners, and procured the buyer, Tusk Equity Partners, a multifamily investment firm based in New York.
Located within four miles of each other, the properties’ amenities include full kitchens, in-suite washer and dryer connections, a swimming pool, and onsite parking. Austin Estates, located at 3859 Austin Circle, is a 118-unit property less than five miles from Downtown Decatur and less than 10 miles from the heart of Downtown Atlanta. The eight-building, two-story asset was built in 1972 on 9.88 acres and renovated in 2018. The unit mix is all spacious one-, two- and three-bedroom floor plans. Park Estates, located at 1150 Maple Walk Circle, was built in 1985 on 7.26 acres. The property consists of 138 two-bedroom units measuring 1,050 square feet.