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Cushman & Wakefield Arranges $53.2M Sale for Varden Capital Properties and Tellus Partners

8/26/2020
Cushman & Wakefield has arranged the $53.2 million sale of 53 West, a 266-unit apartment community located in Atlanta’s Oakwood neighborhood. Robert Stickel, Alex Brown and Tyler Averitt of Cushman & Wakefield represented the sellers, Varden Capital Properties and Tellus Partners, in the transaction. Beacon Real Estate Group acquired the property.

53 West

“Varden Capital Properties and Tellus Partners developed an impressive product that was well-received by residents and investors,” Stickel said. “The property had a strong lease-up with zero concessions completed in nine months. As such, several investors were highly interested in this opportunity, especially with the attractive agency financing available, as well as the continued strong demand for suburban development in Atlanta and throughout the Sunbelt."

Located in Oakwood, a rapidly growing suburb Northeast of Atlanta, and directly proximate to all surrounding economic nodes, 53 West is primed for years of sustained growth. Delivered in 2019, the property features best-in-class interiors and amenities nestled into a private, nature-filled environment.

“Beacon Real Estate Group saw the opportunity to invest in this high-quality Atlanta suburb with a diverse and desirable employment base anchored by logistics and medical jobs,” Brown said. “Hall County has historically been an underserved market and has outpaced the Atlanta MSA’s rent growth since 2015, setting the stage for future upside.”

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group ranks No. 1 in Sunbelt market share based on over 300 transactions and $7.0 billion in multifamily and land investment sales in 2019 (Source: Real Capital Analytics). Market share reflects sales for Alabama, Arkansas, Northwest Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Tennessee and Texas. For more information, visit https://multifamily.cushwake.com.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Media Contact

Savannah Durban Atlanta Communications
Savannah Durban

Senior Communications Specialist, South Region • Atlanta

Ms. Durban leads public relations for Cushman & Wakefield's South region. She oversees media relations, thought leadership initiatives, and manages blogs and social media.