August 15, 2024 – Franklin Street is proud to announce the successful sale of Magnolia Park Apartments, located at 2133 Vandivere Rd, Augusta, GA 30904, for a total of $10,200,000.
Franklin Street arranged the transaction on behalf of the seller, Four Oaks Capital with Eric Shirley, Brian Mallin, Kranti Ponnam. They also represented the buyer, John Lai from MWD Investments.
Leading the successful transaction was Franklin Street’s Retail Investment Sales team led by Mason Taylor, John McCalla, and Andrew Dailidonis.
Built in 1977 and renovated in 2017, Magnolia Park Apartments features a range of community amenities such as laundry facilities and a playground, along with unit features like air conditioning, ceiling fans, dishwashers, disposals, and washer & dryer connections. With 85% occupancy, Magnolia Park Apartments features a diverse unit mix, including 13 one-bedroom/one-bath units, 49 two-bedroom/one-bath units, 99 two-bedroom/one-and-a-half-bath units, and 6 three-bedroom/two-bath units. The complex spans 167,145 square feet, with an average unit size of 977 square feet.
John Lai from MWD Investments, was attracted to the deal due to its scale and favorable offering basis. The new ownership plans to focus on increasing occupancy and further renovating the units over time.
Mason Taylor, a key member of the Franklin Street team, commented, “The buyer was attracted to enter a new market due to the scale of the deal and the basis at which it was offered at.”
The property’s location provides tenants with easy access to Augusta’s medical, manufacturing, and cyber security hubs, as well as a variety of public outdoor recreation options. Notably, Magnolia Park is a short drive from Pendleton King Park, a 64-acre bird sanctuary featuring walking trails, a disc golf course, and a dog park.
For interviews or media relations with Franklin Street’s Multifamily team, email our media contact Connie Selcis at [email protected].
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About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise, and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $10 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide.
