Fillmore Capital Partners has acquired The Life at Windy Hill, a 257-unit partially affordable community in Marietta, Ga. Olive Tree Holdings sold the Class B asset for $31.7 million. According to Yardi Matrix, Olive Tree had acquired the property in 2019 for $23.6 million, financing the transaction with a $21.7 million loan from The Bancorp Bank. Greystone Brown Real Estate Advisors represented the buyer in the current deal.
The acquisition follows another recent Georgia purchase by Fillmore. Yardi Matrix shows the company paid $73 million for two properties totaling 885 units in Atlanta and Athens, Ga., in November, bringing its state portfolio to more than 2,000 units.
Situated on nearly 23 acres at 2751 Hammondton Road SE, The Life at Windy Hill is a low-income housing tax credit property with 40 percent of the units restricted by income. The community comprises 33 two-story buildings completed in 1969. The unit mix features one- to three-bedroom floorplans averaging 1,379 square feet. Amenities include a clubhouse, fitness center, business center, swimming pool and soccer field.
The property is roughly 6 miles southwest of downtown Marietta and 19 miles northwest of downtown Atlanta, in the Cobb County submarket.
Greystone Brown’s Taylor Brown, Chandler Brown, Cory Caroline Sams, Barden Brown and Bo Brown arranged the transaction. In September, another Greystone Brown team brokered the $54.1 million sale of a 400-unit community in Port Royal, S.C.