Red Oak Capital Holdings, LLC, a leading provider of private capital solutions for commercial real estate, has closed an $8.65-million bridge loan for the acquisition and renovation of Garden Courts Apartments, an 86-unit garden-style multifamily community in East Point, a growing submarket within the Atlanta metropolitan area.
Structured under Red Oak’s Opportunistic Bridge Loan Program, the nonrecourse, interest-only loan carries a two-year initial term and an LTSV of 73.93%. The deal was originated by Red Oak Regional Manager David Christensen, underwritten by Thomas Gorski, and administered by James Myatt. Gist Group LLC’s Arden Gist arranged the financing on behalf of borrower Miller Capital Properties, an Atlanta-based multifamily investment firm.
“Atlanta remains one of the most resilient rental markets in the country, and this deal aligns well with Red Oak’s strategy of lending on assets with tangible upside and capable sponsorship,” said Gary Bechtel, CEO of Red Oak. “The location, value-add profile, and sponsor track record make this an ideal opportunity for strategic repositioning in a high-growth corridor.”
Located at 4060 Janice Drive, Garden Courts Apartments consists of six, two-story buildings, situated on 5.5 acres. Built in 1983, the property includes 24 one-bedroom, 60 two-bedroom, and one three-bedroom apartment units, as well as a single-family rental home and leasing office.
The loan proceeds will fund the property’s acquisition and approximately $1.32 million in capital improvements—equating to roughly $15,350 per unit—with the aim of boosting rents. Interior upgrades include new appliances, flooring, paint, doors, cabinetry, and bathroom fixtures. Exterior work will address HVAC, roofing, siding, landscaping, and asphalt repairs, among other common area enhancements.
“This asset presents a classic value-add opportunity in a market where demand for quality rental housing remains strong,” said Christensen. “The sponsor has already demonstrated a proactive approach with completed renovations and is positioned to quickly execute on the remaining improvements to drive both rent growth and stabilization.”
With a current market rent deficiency of approximately 19.5%, the business plan is supported by both the submarket’s historical average occupancy of 94.8% and strong rent growth, which has averaged 6.6% annually over the past five years in the broader Atlanta-Sandy Springs-Roswell market.
The property offers direct access to major regional thoroughfares including I-285, I-85, and Highway 6, and is located just minutes from Hartsfield-Jackson Atlanta International Airport, as well as local schools, restaurants, and retail centers.
