Greystone Brown Real Estate Advisors Handles $36.3 Million Sale of Marietta Asset

Greystone, a leading national commercial real estate finance company, provided a $29.5 million bridge loan for the acquisition of a multifamily community in Marietta, GA. The loan was originated by Keith Hires and Carter King of Greystone on behalf of the buyer and borrower Western Wealth Capital. The $36.5 million sale of the property was closed by Greystone Brown Real Estate Advisors.

BelAire Apartments is a 188-unit garden-style rental community located on Powder Springs Street in Cobb County. The property comprises 20 two-story buildings constructed in 1985, and features shared amenities such as a business center; swimming pool; fitness center; dog park; outdoor grilling and fireplace spaces; and laundry facility. The buyer plans to renovate the property during the term of the bridge loan and pursue a permanent exit with a Fannie Mae loan.

“BelAire fits perfectly in our portfolio growth plan with a focus on well-located suburban value-add assets,” said Len Bravo, Director of Acquisition & Asset Management, Western Wealth Capital. “Greystone Brown and Greystone together certainly proved their expertise in the Atlanta investment sales market and the lending landscape for this transaction.”

“We are thrilled to have helped WWC grow their portfolio, take advantage of the acquisition financing options Greystone has on offer, and pursue permanent financing in order to set up the asset for long-term success,” said Mr. Hires.

Greystone Brown Real Estate Advisors announced it has closed the $14,190,000 sale of a multifamily complex duo in Stone Mountain, Georgia. Greystone Brown represented the seller, Inman Holdings, in the deal. The Greystone Brown team leading the transaction included Taylor Brown, Chandler Brown, and Bo Brown.

Located in DeKalb County, Southern Oaks and Southern Oaks Too are located on West Mountain Street and comprise 165 total units.

“These sister multifamily complexes are ripe for investment, and we are thrilled to have helped Inman with another timely disposition,” said Taylor Brown, Director at Greystone Brown Real Estate Advisors. “As an area seeing an influx of job opportunities and residents, Stone Mountain represents a quality investment opportunity for the buyer.” 

Greystone Brown Real Estate Advisors announced it has closed the $6,025,000 sale of a multifamily property in Lawrenceville, Georgia. Greystone Brown represented the seller, Greenleaf Capital Partners, in the deal. The Greystone Brown team leading the transaction included Taylor Brown and Chandler Brown.

Located in Gwinnett County, Ridgewood Apartments is situated at 419 Hurricane Shoals Road. The multifamily asset consists of 52 units and features one-, two-, and three-bedroom units. The property is conveniently located less than one mile north of downtown Lawrenceville, which is thriving and continuing to expand.

“We have built a wonderful partnership with Greenleaf Capital Partners, and are appreciative that they have placed their trust in us,” said Taylor Brown, Director at Greystone Brown Real Estate Advisors. “We are thrilled to have helped complete another successful sale with this team.”

Greystone Brown Real Estate Advisors announced it has closed the $44,240,000 sale of a multifamily property in Marietta, Georgia. Greystone Brown represented the seller, Olive Tree Holdings, in the deal. The Greystone Brown team leading the transaction included Taylor Brown, Cory Caroline Sams, Chandler Brown, Barden Brown, and Walter Miller.

Located in Cobb County, The Life at West Cobb Apartments is situated at 2665 Favor Road. The multifamily asset consists of 395 units and is a 90% Low Income Housing Tax Credit property in a highly desirable area of North Atlanta. 

“We have built a wonderful partnership with Olive Tree Holdings, and are appreciative that they have placed their trust in us to work on more than ten dispositions,” said Taylor Brown, Director at Greystone Brown Real Estate Advisors. “This asset in particular faced some challenges during the pandemic, including a lower occupancy and disruption in collections, but it’s a quality property in a fantastic location, so it commanded a strong purchase price.”   

Greystone Brown Real Estate Advisors announced it has closed the $39,000,000 sale of a multifamily property in Marietta, Georgia. Greystone Brown represented the seller, Aerial Development Group & Viking Capital, in the deal. The Greystone Brown team leading the transaction included Chandler Brown, Taylor Brown, Barden Brown, and Walter Miller.

Located in an admired location in Cobb County, The Hills at East Cobb is located at 1716 Terrell Mill Road. The multifamily asset consists of 266 units. The property is located just 1.5 miles from Braves Stadium, and offers residents a variety of amenities including a fitness center; swimming pool; splash pad; bocce ball court; luxury outdoor kitchen; picnic area with BBQ grills; clubhouse; and dog park.

“We are thrilled to have helped Aerial / Viking with another sale and have found it gratifying to be a part of their portfolio success,” said Chandler Brown, Director at Greystone Brown Real Estate Advisors. ”With the high barrier to entry for Cobb County, paired with the strong migration and job growth metrics for the Atlanta MSA, this transaction was a win-win for both the buyer and seller. The region continues to attract investment interest from a wide range of multifamily investor profiles due to the underlying fundamentals, as was the case with the marketing of The Hills at East Cobb.”

The buyer, Spaxel, LLC, assumed an existing Freddie Mac loan of $27,000,000 and plans an extensive capital improvement plan to reposition the asset to meet the growing demands of the micro- and macro-market trends.

About Greystone Brown Real Estate Advisors
Greystone Brown Real Estate Advisors is a commercial investment brokerage company specializing in the sale of multifamily and retail properties throughout the Southeast. The firm is one of the largest and oldest privately held apartment brokerage firms in the region. Greystone Brown real estate professionals are committed to understanding the objectives of maximizing yields and profits while being able to meet critical time frames. For more information, visit www.brownra.com.

Greystone Brown Real Estate Advisors announced it has closed the $31.7 million sale of a 257-unit affordable housing property in Marietta, Georgia. Greystone Brown represented buyer, Fillmore Capital Partners, with the seller of the property, Olive Tree Holdings, being a previous client of the firm’s. The transaction was handled by Taylor Brown, Chandler Brown, Cory Caroline Sams, Barden Brown, and Bo Brown of Greystone Brown Real Estate Advisors.

The Life at Windy Hill comprises one-, two-, and three-bedroom apartments averaging 1,379 square feet. The complex is currently a low-income housing tax credit (LIHTC) property and 40% of the units are restricted by income. Residents of the community enjoy amenities such as a clubhouse and fitness and business center, laundry facility, as well as outdoor recreational facilities such as a swimming pool and soccer field. The property is conveniently located in the submarket of Cobb County and is just 30 minutes from Downtown Atlanta.

“We’re passionate about working quickly and creatively to achieve results for our clients, and in this case were able to bring the deal to a close in 45 days,” said Taylor Brown, Director, Greystone Brown Real Estate Advisors. “Clients continue to come back to us when they recognize that our team will work tirelessly on their behalf for the best buying or selling experience.”