Greystone Brown Real Estate Advisors announced it has closed the $54,100,000 sale of a multifamily property in Port Royal, SC. Greystone Brown represented the seller, Prominent Realty Group of Georgia, in the deal. The Greystone Brown team leading the transaction included Jim Jarrell, Steve Mack, and Walter Miller.

Located in an admired location in Port Royal, Preserve at Port Royal is located at 1 Preserve Avenue W. The multifamily asset consists of 400 units. The amenities include a newly remodeled fitness center, two swimming pools, library, two resident business centers, playground, dog park, detached garages, storage units, car care center, laundry center, two outdoor kitchens with grilling areas, and a bird sanctuary.

“Managing the sales process through the COVID-19 crisis was difficult, however we were able to keep the buyer focused on the opportunity and St. Clair Holdings did an excellent job in raising the debt and equity to get the deal closed,” said Mr. Jarrell, Senior Managing Director, Greystone Brown Real Estate Advisors.

Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.

Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. 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 resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.

“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”

Greystone Brown Real Estate Advisors announced it has closed the $27 million sale of a 230-unit multifamily property in Atlanta, Georgia, and Greystone provided a $21.6 million Freddie Mac Conventional loan to finance the transaction. The sale was handled by Walter Miller, Barden Brown, Cory Caroline Sams, and Jim Jarrell of Greystone Brown Real Estate Advisors.

Built in 2004, Overlook Ridge offers 230 well-appointed, 1-, 2- and 3-bedroom apartments averaging 1,090 square feet. 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 resort style swimming pool. The property is conveniently located less than 10 minutes from Downtown Atlanta near The West End, walkable to a Beltline spur, MARTA, and proximate to new craft breweries and distilleries.

“The Greystone team’s expertise on the local market and market-rate conversion properties such as this were critical to the success of the transactions,” said Mr. Miller. “On top of that, Greystone was able to provide end-to-end service and secure financing for the acquiring party, making the process seamless for all involved.”

Greystone Brown Real Estate Advisors announced closing the $31,200,000 sale of a multifamily property in Marietta, GA. Greystone Brown represented both the seller, Wilkinson Corporation and buyer, Asset Development and Management Group, LLC in the deal. The Greystone Brown team leading the transaction included Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown.

Located in highly sought-after Cobb County, 880 Lakeside is located at 880 South Cobb Drive. The multifamily asset consists of 222 units. The amenities include a newly remodeled clubhouse, swimming pool, fitness center, playground, dog park, private lake with fishing dock, and picnic gazebo with grilling area. The new owner, Asset Development and Management Group, LLC plans on building upon the amenities and exterior upgrades already completed by renovating unit interiors.

“880 Lakeside was a uniquely challenging transaction due to the timing during the COVID-19 pandemic,” said Ms. Sams, Director, Greystone Brown Real Estate Advisors. “We went under contract the last day of February 2020 meaning that the timing of the deal’s most important milestones - due diligence, loan application, etc., all fell within the period of the first impact of the virus and the ensuing stay-at-home orders. In order to keep the transaction moving forward, we had to respond in real time to a truly unprecedented historical event along with constantly changing economic and regulatory factors. Ultimately, it was the persistent cooperation between the buyer and seller and the flexibility of the onsite operations, third party inspectors, and lender that enabled us to successfully inspect and close this transaction.”

Greystone Brown Real Estate Advisors announced it has closed the $20,700,000 sale of a multifamily property in Atlanta, GA. Greystone Brown represented the seller and brought the buyer to the deal. The sale to David Stern Investment was handled by Barden Brown, Cory Caroline Sams, and Taylor Brown on behalf of CF Real Estate Services.

The asset is comprised of two separate phases in Atlanta: 1890 House, located at 1890 Myrtle Drive and 1895 Plaza; and Adams House, located at 2280 Campbellton Road SW. The property is a key provider of safe and affordable workforce housing, with a resident base of market-rate and voucher-based Section 8 tenants. The property, which was built in 1969 along the regentrifying Campbellton Road Corridor in Southwest Atlanta, consists of all-brick low-rise multifamily structures with a total of 328 units.

"We are certainly seeing increased interest from prospective investors in the Atlanta market, which can be partly attributed to a new regulatory landscape potentially limiting investment opportunities in other markets in the U.S.,” said Barden Brown. “Overall, Atlanta, and the Southeast in general, is a fantastic target market for multifamily investment and a value-add strategy due to strong job growth and lack of new inventory. The property was well maintained by institutional management already, but the new purchaser will inject capital in pursuit of higher rents.” 

Greystone Brown Real Estate Advisors announced it has advised on the $19,436,000 acquisition of Moores Mill Village, a multifamily property in Atlanta, GA. Greystone Brown represented the buyer, Castlegate Property Group, in the off-market transaction from seller MSC Investments. The transaction was handled by Barden Brown, Chandler Brown, Taylor Brown and Cory Caroline Sams.

Built in 1965, Moores Mill Village is a garden apartment community with 172 one-, two- and three- bedroom units. The pet-friendly property features a swimming pool, playground, onsite laundry and a controlled access gate. Located in the desirable Upper Westside neighborhood, the property is close to shopping and restaurants, and offers convenient access to downtown Atlanta.

“Our clients jumped at the opportunity to acquire this property before it ever hit the open market,” said Barden Brown, Senior Managing Director, Greystone Brown Real Estate Advisors. “We are thrilled that we were able to identify and close another successful multifamily deal in one of Altanta’s trendiest neighborhoods right now.”