Actus Scores $37M for Georgia Multifamily Portfolio
- Nov 29, 2019
Actus Property Solutions has sold a 490-unit, three-property multifamily portfolio in the Atlanta suburb of Austell, Ga. The 200-unit Hunter’s Grove, the 146-unit Kingsley Village and the 144-unit Parkview Apartments traded for $36.5 million. According to Cobb County records, the buyer was Lexington Partners LLC. Greystone represented the seller in the deal and procured $30 million in acquisition financing for the buyer.
Located at 360, 575 and 595 Riverside Parkway, the three Class B properties are adjacent to one another alongside Interstate 20. The communities are roughly 11 miles west of downtown Atlanta and less than 2 miles west of Six Flags Over Georgia, a 290-acre theme park.
Completed in 1988, 1974 and 1971 respectively, the three communities total 28 two- and three-story buildings with one- to three-bedroom floorplans averaging approximately 1,000 square feet in size. Common-area amenities include swimming pools, playgrounds and laundry facilities. According to Yardi Matrix data, Parkview was only 40.6 percent occupied as of October, while the other two properties had occupancy rates in excess of 82 percent each.
Greystone Brown Real Estate Advisors’ Taylor Brown, Chandler Brown, Barden Brown and Walter Miller assisted the seller in the disposition, while Leor Dimant procured the acquisition financing for the buyer. Part of the advisory team was also instrumental in two recent Austell transactions totaling $35.1 million. The properties are less than one mile apart and adjacent to the Actus portfolio.