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 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.”