Greystone Brown Real Estate Advisors Closes $20.7 Million Sale of Atlanta Apartment Complex
January 9, 2020
Greystone Brown Real Estate Advisors announced it has closed the $20,700,000 sale of a multifamily property in Atlanta, GA. Greystone Brown represented the seller and brought the buyer to the deal. The sale to David Stern Investment was handled by Barden Brown, Cory Caroline Sams, and Taylor Brown on behalf of CF Real Estate Services.
The asset is comprised of two separate phases in Atlanta: 1890 House, located at 1890 Myrtle Drive and 1895 Plaza; and Adams House, located at 2280 Campbellton Road SW. The property is a key provider of safe and affordable workforce housing, with a resident base of market-rate and voucher-based Section 8 tenants. The property, which was built in 1969 along the regentrifying Campbellton Road Corridor in Southwest Atlanta, consists of all-brick low-rise multifamily structures with a total of 328 units.
“We are certainly seeing increased interest from prospective investors in the Atlanta market, which can be partly attributed to a new regulatory landscape potentially limiting investment opportunities in other markets in the U.S.,” said Barden Brown. “Overall, Atlanta, and the Southeast in general, is a fantastic target market for multifamily investment and a value-add strategy due to strong job growth and lack of new inventory. The property was well maintained by institutional management already, but the new purchaser will inject capital in pursuit of higher rents.”