By Robert Demeter
Atlanta–Greystone Brown Real Estate Advisors, a joint venture between Greystone and Brown Realty Advisors, has arranged the sale of Lincoln Hills, a 680-unit apartment community in Cobb County, Ga., for $49.3 million. The price per unit equated to $72.500 and $90.97 per square foot.
Collins Group represented the seller and Castlegate Properties, a local Atlanta investment group, represented the buyer. The property was 91.8 percent occupied at the time of sale. Castlegate Properties plans to execute an extensive interior and exterior renovation program at the site.
The garden-style community features 34 two- and three-story buildings with one- and two-bedroom apartments averaging 797 square feet. Property amenities include a fitness center, tennis court, two swimming pools, two spas and two laundry facilities, as well as 1,380 parking spaces and a standalone rental office. Lincoln Hills is currently managed by CFLane.
According to Yardi Matrix, a 650-square-foot, one-bedroom apartment at Lincoln Hills claims $760 per month, while a 1,008-square-foot two-bedroom apartment costs $900 per month.
Built in 1986, Lincoln Hills is located on 43 acres just north of Atlanta in Marietta, Ga., at 3500 Windcliff Drive off of Terrell Mill Road and Interstate 75. The property is situated in close proximity to Kennesaw State University, several retail centers including Walmart, Target and BestBuy, and just 20 miles from downtown Atlanta.
“Developers and investors in multifamily are aggressively looking for opportunities in this booming area of North Atlanta. With the high costs of new construction and the issue of rental affordability, Lincoln Hills offered an outstanding opportunity to renovate and reposition an existing asset to attract Cobb’s affluent tenant profile. Greystone Brown has been extremely active in this submarket having sold 5 properties totaling over 1400 units in excess of $138 million in the last year,” said Bo Brown, president of Greystone Brown Real Estate Advisors.
With the closing of Lincoln Hills, Greystone Brown Real Estate Advisors has achieved the second-highest total sales price in the past 12 months in the Marietta submarket.
Photo courtesy of Lincoln Hills