Georgia Property Changes Hands in $26M Deal
- Sep 24, 2019
Reynolds Asset Management has paid $26 million for Independence Place, a 264-unit, Class B multifamily property in Hinesville, Ga. According to Yardi Matrix data, the seller was The Embassy Group. Greystone Brown Real Estate Advisors negotiated the deal on behalf of the seller and procured the buyer.
Located at 1300 Independence Place Drive, the property is near State Route 84, less than 8 miles west of downtown Hinesville. Fort Stewart Army base is 4.8 miles northeast of the community, while the closest shopping center is 1.7 miles south.
Built in 2008, Independence Place encompasses 11 three-story buildings spanning over 41.7 acres. The unit mix features one- to four-bedroom floorplans ranging from 607 to 1,272 square feet. Amenities include a clubhouse and game room, swimming pool, fitness center, playground and business center. The property was 90.9 percent occupied as of August, Yardi Matrix data shows.
Greystone Brown Real Estate Advisors’ Taylor Brown, Jim Jarrell and Bo Brown handled the transaction. Taylor Brown and Bo Brown were also instrumental in the recent $23.4 million sale of an affordable community in Atlanta.