Atlanta—Greystone Brown Real Estate Advisors has announced that the company arranged the sale of Chalet Valley, an apartment community located in Dalton, Ga. Dalton Valley LLC paid Augsburg Investments $6.1 million for the asset.
Located at 1809 Shadow Lane, the 140-unit property offers a mix of one-, two- and three-bedroom units. Property amenities include a swimming pool, playground, laundry facilities and 240 parking stalls. The buyer plans to invest roughly $10,000 per unit in refurbishment. Taylor Brown, Walter Miller, Chandler Brown and Bo Brown of Greystone Brown Real Estate Advisors represented the seller in the transaction. As Yardi Matrix data shows, the property last traded in 2014 for $3.6 million. The 2014 sale was subject to a $2.7 million loan due in 2024.
“For multifamily investors, the lack of supply has been very apparent in the Dalton market, so this transaction marks a wonderful opportunity for the buyer. Chalet Valley is a solid investment with its unique amenities and proximity to the Appalachian trail and Blue Ridge Mountains,” Bo Brown, president at Greystone Brown Real Estate Advisors, said in prepared remarks. The garden style apartment community is situated off I-75 and is close to a wide range of urban amenities such as Walmart, Home Depot and Walnut Square Mall.
Greystone Brown Real Estate Advisors is a joint venture created in 2016 between Greystone and Brown Realty Advisors. The two companies brought together Greystone’s comprehensive financial platform and Brown Realty’s sale expertise in multifamily and retail properties.
Images courtesy of Yardi Matrix