Greystone Provides $27M Loan for Atlanta-Area Acquisition
Inspired Real Estate Partners purchased the 250-unit property for $40 million.
Greystone has provided a $26.7 million loan for the acquisition of Lakeside Villas Apartment Homes, a 250-unit multifamily property in Hampton, Ga. Originated on behalf of Inspired Real Estate Partners by Greystone Managing Director Richard Kourbage, the seven-year, Fannie Mae DUS loan has a seven-year term at a fixed rate.
Southwood Realty sold the asset for $40 million, according to Yardi Matrix data, after six years of ownership.
Completed in 2002, the community encompasses 13 buildings with one-, two- and three-bedroom floorplans ranging between 691 and 1,479 square feet. The common-area amenities include a swimming pool, a fitness center, a business center, a clubhouse, a playground, a dog park, laundry facilities, grilling stations, on-site management, 24h emergency maintenance, controlled access and approximately 400 parking spaces. All units feature washer and dryer connections, with some also including fully equipped kitchens, oversized closets and private balconies or patios.
Located at 1992 Lovejoy Road on a 23-acre site in the McDonough submarket, the property is near Route 41, which provides direct access to downtown Atlanta. Lakeside Villas is within walking distance of several retail centers and dining options, while the Atlanta Speedway Airport is only 4.6 miles away.
Greystone has recently provided multiple other loans across the country. In partnership with Affinius Capital, the real estate finance company closed on a $135 million mortgage loan last week for a 363-unit community in Los Angeles. In the Midwest, the company arranged for a $42.3 million Fannie Mae DUS loan for a Louisville, Ky., property.