Greystone Provided $16.2 Million in Financing

Greystone Brown Real Estate Advisors announced it has closed the separate sale transactions of two multifamily properties with a total value of $35,125,000 in Austell, GA.

Greystone Brown advised the buyer, Castle Lanterra Properties, and brought the seller, Tudor McLeod Asset Management, to the $19,725,000 sale of 300 Riverside. The sale was handled by Chandler Brown, Taylor Brown, Barden Brown and Bo Brown, and a $16,200,000 loan for the transaction was also provided by Greystone.

The 300 Riverside transaction was financed with a 10-year Fannie Mae loan. The recently upgraded 300 Riverside property offers 220 well-appointed one-, two- and three-bedroom units with walk-in closets, sunrooms, fireplaces and balconies. Other amenities include a clubhouse, swimming pool, sports court, access gate and on-site laundry facilities.

For the $15,400,000 sale of Villas at Riverside, Greystone Brown advised the seller, Moneil Investment Group. The sale was handled by Barden Brown, Cory Caroline Sams and Bo Brown.

Located at 648 Whisper Trail, Villas at Riverside offers 266 garden-style luxury units with one-, two-, three- and four-bedroom floorplans averaging 1,023 square feet in size. Other amenities at the property include a clubhouse, swimming pool, laundry center, sport court, playground and access gate.

Both properties are located near shopping, excellent schools, places of worship and Six Flags, in highly desirable and rapidly growing Cobb County. Just 20 minutes from downtown Atlanta and on the Cobb County Transit Busline (CCT), the properties are close to Interstate 20 and are near major industrial and business parks.

“Both of these multifamily sales involved repeat clients on each side of the deal, which excites us the most because it speaks volumes about the premium they place on our services and expertise,” said Bo Brown, President, Greystone Brown Real Estate Advisors. “When clients recognize that our team will work tirelessly on their behalf for the best transaction and terms possible, they continue coming back to us for help enhancing their multifamily portfolios.”

Greystone Provided $7.2 Million in Freddie Mac Financing for the Transaction

Greystone Brown Real Estate Advisors announced it has closed the $10,300,000 sale of Castlegate Commons, a multifamily property in Bonaire, GA. Greystone Brown advised the seller, Castlegate Property Group, and brought the buyer, Patrician Management, to the deal. The sale was handled by Cory Caroline Sams and Barden Brown, and a $7.2 million loan for the transaction, originated by Keith Hires, was also provided by Greystone.

The acquisition was financed with a 10-year Freddie Mac loan, with three years of interest-only payments. Built in 2001, Castlegate Commons is a 120-unit garden-style apartment community offering one-, two- and three-bedroom floorplans with features such as walk-in closets, in-unit laundry hook ups, fireplaces and vaulted ceilings. Residents also enjoy access to the property’s swimming pool, clubhouse and fitness center, basketball area, dog run and detached garages. Located at 725 GA-96 in Houston County’s rapidly growing Warner Robins metropolitan area, the property is located in a reputable school district with access to major highways, the Robins Air Force Base and the region’s other major employers.

“We are pleased that we were able to help our long-time client find the right buyer for this attractive property, and also able to help the buyer secure desirable financing terms for a seamless and quick-to-close transaction,” said Cory Caroline Sams, Director, Greystone Brown Real Estate Advisors. “Our team excels at matching up prospective buyers and sellers of multifamily properties, and we are especially thrilled when our creativity and industry-leading service experience benefits all parties throughout every stage of a transaction like this.”

Greystone Provided $19.3 Million in Financing for the Transaction, Which Maintains Affordable Housing for Low-Income Residents

Greystone Brown Real Estate Advisors announced it has closed the $23,450,000 sale of Shamrock Gardens, a multifamily property in Atlanta, GA. Greystone Brown advised the seller, Legacy Shamrock Community and brought the buyer, Alcott Capital, to the deal. The sale was handled by Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown, and a $19.3 million loan for the transaction was also provided by Greystone.

The transaction was financed with a 10-year Fannie Mae DUS® loan. The property had been previously financed with tax-exempt bonds, which were defeased at the time of closing. The bond financing resulted in the assignment of the existing Land Use Restrictive Agreement (LURA) by the buyer at the time of sale, thereby maintaining this affordable housing. The LURA requires a certain percentage of the units to be occupied by low-income residents until December 2028.

Built in 1967, Shamrock Gardens is an all-brick property with 344 units – including 1, 2 and 3 bedrooms as well as onsite laundry. Residents also have access to other amenities including a community center, computer room, two playgrounds, community garden and orchard. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is a short distance from Camp Creek Market and Hartsfield-Jackson.

The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards.

“This transaction realized many firsts for our team, including achieving the fastest contract closing on a LURA restricted deal, which mandates that many of the units will remain affordable for years to come,” said Barden Brown, Senior Managing Director, Greystone Brown Real Estate Advisors. “We would like to thank the Atlanta Housing Authority for their collaboration and support. In working closely with both Legacy Shamrock Community and Alcott Capital on the sale and financing, we are also thrilled that this transaction includes a scholarship fund to be set up for staff and residents.”

Greystone Brown Real Estate Advisors announced it has closed the $21,050,000 sale of Premier Apartments, a multifamily property in Austell, GA. Greystone Brown advised both the seller, Tudor McLeod Asset Management and the buyer, Castle Lanterra. The transaction was handled by Chandler Brown and Taylor Brown.

Premier Apartments features 280 garden-style units with one-, two-, and three-bedroom floorplans. Located at 7200 Premier Lane in Cobb County, the spacious floorplans average 1,011 square feet. Having attractive architecture with pitched roofs, exterior breezeways, and patio/balconies for each unit, the area is very popular due to its favorable tax and water rates, strong school systems, and boasts one of the tightest rental markets in the metro area.

According to RealPage, the South Cobb County/Douglasville submarket boasts the strongest annualized rent growth rates of all Atlanta MSA submarkets. Castle Lanterra plans to continue the interior renovation program, increase the amenities package, and do an exterior value-add renovation.

“Multifamily inventory is low in Cobb County, making this area extremely desirable. We are elated to have worked with Tudor McLeod once again and with both parties, leveraging our local expertise to enable this transaction to close,” said Chandler Brown, Director, Greystone Brown Real Estate Advisors. “We also applaud Castle Lanterra’s commitment to preserving and investing in this property.”

Greystone Brown Real Estate Advisors announced it has closed on the $58,300,000 sale of Stone Ridge at Vinings, a 440-unit apartment complex in metro Atlanta. A team comprising Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown advised both the seller, Boca Raton, FL-based Ventron Management LLC, which owns 20 properties across Georgia and Florida, and the buyer, Rochester, NY-based Broadtree Residential, a part of Broadstone.

Stone Ridge at Vinings is a 1970s vintage community comprising 49 buildings and spread over 30 acres in an affluent enclave of Atlanta, boasting generous floor plans and reasonable rents for the desirable area.

“In marketing the asset for Ventron, we were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction. Stone Ridge at Vinings is a highly competitive product with substantial upside for the investor,” said Bo Brown, President, Greystone Brown Real Estate Advisors.