Zevulon Capital, Inc. announces it has completed two multifamily asset acquisitions. Grace Chamblee, a 306-unit community at 3480 Morningside Village Lane in Doraville, was purchased from MSC Investments for $47.7 million. Retreat at Stone Mountain, a 212-unit complex at 400 Ashley Place in Stone Mountain, was purchased in partnership with AB Finance, an affiliate of Admiral Capital Group, for $26.4 million.
Both assets will be repositioned, rebranded and renamed. The properties will be managed, marketed and leased by Zevulon’s asset management partner, RADCO Residential.
“Zevulon is in growth mode as we continue targeting Core+ and value-add B and C workforce properties in the Southeast,” said Yossi Kagan, Zevulon Capital Principal. “Our property portfolio is designed to provide our investors and financial partners with a range of investment opportunities.”
These two transactions follow the $94.75 million acquisition of a 520-unit apartment community in Duluth that Zevulon Capital and FCP® completed earlier this month. The real estate investment companies are partnering to renovate and reposition the value-add asset located in Gwinnett County.
This year, Zevulon Capital has invested $209.9 million across six metro Atlanta apartment communities. In September, the firm sold two apartment assets for $24.8 million that were purchased in April 2020 for $14.3 million. The disposition netted a sizable return for the company’s investors in less than 18 months.
Zevulon Capital was represented by Greystone Brown Real Estate Advisors’ Taylor Brown and Barden Brown in the Retreat at Stone Mountain transaction, and by Berkadia’s Andrew Mays and Paul Vetter in the Grace Chamblee purchase.