Greenwood Star Picks Up 2 Atlanta Assets
The assets will be added to the firm's REIT portfolio.
Greenwood Star Holdings has acquired two multifamily communities totaling 377 units in the Doraville suburb of Atlanta. The firm paid a total of $47 million for the two assets.
Greenwood has assumed a 3.63 percent Fannie Mae loan maturing in August 2029 for both properties. JLL originated the loan, according to Yardi Matrix.
The properties, Parkside Apartments and Creekside Apartments, were previously owned by Avenium, which purchased them from Zavala Capital Group in 2019, according to data from Yardi Matrix.
The acquisitions are part of the Greenwood Star Income and Growth Trust, Greenwood’s Regulation D 506(c) fund and REIT that invests in multifamily assets across the South. Greenwood paid $31.5 million for Parkside, which last sold for $27.7 million in 2019. Creekside sold for $15.5 million, up from its 2019 sale price of $12.4 million.
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Overview of Parkside and Creekside
Parkside, which contains 281 units, was built in 1971 and is currently 95.7 percent leased, Yardi Matrix shows. It includes one- and two-bedroom apartments, along with two-bedroom townhouses. Community amenities include a clubhouse, fitness center, picnic area, tennis court, pool and coworking spaces.
Creekside, with 96 units, was completed in 2000 and comprises one-and two-bedroom units. Community amenities include a playground, swimming pool and picnic area. Apartments include washer and dryer hookups, along with patio or balcony options.
The properties are located within a mile of each other in Doraville, with Parkside at 3637 Pleasantdale Rd. and Creekside at 3214 Valley Bluff Dr. They are about 16 miles from downtown Atlanta and 25 miles from Atlanta International Airport.
Softening sale prices in Atlanta
Atlanta, ranked third nationally for multifamily transaction volume, saw a 4 percent dip in its average price per unit sold this year, according to Yardi Matrix. That figure was $169,837 as of June, down from $177,609 at the same time last year.
Earlier this month, DBG Properties and GSL Properties paid $110 million for a 360-unit community in Buford, Ga., called Timberline View. The price-per-unit in that transaction was about $305,555, a nearly 80 percent premium over the area’s average earlier in the year.
