Greystone Brown Real Estate Advisors Close On 680-unit Asset Sale In Cobb County, Georgia
March 17, 2016
Sale is the Second Largest Transaction in the Marietta Submarket
Greystone Brown Real Estate Advisors arranged the sale of Lincoln Hills, a 680-unit apartment community, on behalf of an existing client. Built in 1986, the asset is located on over 43 acres just north of Atlanta in Marietta, GA off of Terrell Mill Road and Interstate 75 in Cobb County.
“The Suntrust Park mixed-use development has been the catalyst for dynamic growth for the Galleria/Cumberland/South Marietta submarkets in Cobb County. Developers and investors in multifamily are aggressively looking for opportunities in this booming area of North Atlanta. With the high costs of new construction and the issue of rental affordability, Lincoln Hills offered an outstanding opportunity to renovate and reposition an existing asset to attract Cobb’s affluent tenant profile. Greystone Brown has been extremely active in this submarket having sold 5 properties totaling over 1400 units in excess of $138 million in the last year,” said Bo Brown, President of Greystone Brown Real Estate Advisors.
Upon sale of the asset, it was well-occupied with increasing collections. The buyer, a local Atlanta investment group, plans to execute an extensive interior and exterior renovation program at the property. With the closing of Lincoln Hills, Greystone Brown Real Estate Advisors has achieved the second-highest total sales price in the past 12 months in the Marietta submarket. Cory Sams, Taylor Brown, and Bo Brown represented the seller.