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ATLANTA-Cushman & Wakefield’s local office recently completed the sale of two suburban apartment properties. Madison at River Sound, a 586-unit complex in Lawrenceville, sold for $39 million, while the 254-unit Covington Glen in Decatur sold for only $4.5 million.

Madison at River Sound, at 980 Walther Blvd., was purchased by B&M Management from an unidentified seller. The high-quality apartment community, currently 93% occupied, has the potential for favorable returns from existing cash flow, says David Gutting, a C&W executive director.

Covington Glen, built in 1989 at 5816 Covington Highway with occupancy in the 70% range, was sold by Freddie Mac to Southwood Real Estate. The value-add play is expected to create upside potential through interior and exterior renovations once the market rebounds, Gutting says.

“Despite the historic challenges that exist in the commercial real estate market, our team has been able to complete the sale of 20 multifamily transactions in Atlanta and throughout the Southeast this year due to opportunistic buyers and a steady supply of agency debt capital,” adds Chris Spain, also an executive director with C&W. Spain and Gutting handled both sides of the two latest deals, working with Larry Orr and Nathan Swenson of C&W’s Atlanta-based Apartment Brokerage Services.

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