Atlanta-Area Communities Trade for $35M
- Oct 16, 2019
Two nearby communities in the Atlanta suburb of Austell, Ga., have recently changed hands for a combined price of $35.1 million, in a sign of the continued strength of the metro market.
Real estate investment firm Castle Lanterra Properties acquired 300 Riverside, a 220-unit community at 300 Six Flags Drive SW, for $19.7 million, according to Yardi Matrix. In a separate deal less than a mile to the west, Stonemark Housing Partners acquired Villas at Riverside, a 266-unit community at 648 Whisper Trail for $15.4 million.
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The seller of 300 Riverside was Tudor McLeod Asset Management, which acquired the property from ECI Group in January 2017 for $14.5 million. Completed in 1987 and renovated in 2017, the community features a mix of one-, two- and three-bedroom units across 18 three-story buildings. Amenities include a clubhouse, pool, fitness center and two lighted tennis courts.
Greystone Brown Real Estate Advisors advised the buyer and procured the seller, with a team of Chandler Brown, Taylor Brown, Barden Brown and Bo Brown handling the sale. Greystone provided a $16.2 million loan for the transaction, which was financed with a 10-year Fannie Mae loan.
Castle Lanterra said in a statement that it would address all deferred maintenance and implement water- and energy-efficiency upgrades. The deal expands the firm’s multifamily portfolio in Atlanta to more than 1,100 units.
Theme park nearby
Down the road, Moneil Investment Group sold Villas at Riverside after scooping it up for $10.6 million in March 2017, according to Yardi Matrix. The 25-building gated community, which has traded several times since it was completed in 1967, includes a clubhouse, swimming pool, laundry center and sport court. Greystone Brown advised the seller in the deal, with Barden Brown, Cory Caroline Sams and Bo Brown responsible for the sale.
Both properties are located nearby Interstate 20, about 10 miles to the west of downtown Atlanta, and a short distance from the Six Flags Over Georgia theme park. The neighborhood also provides a range of strong schools, shopping options and places of worship.