Greystone Brown Real Estate Advisors Closes $23.4 Million Sale of Multifamily Property in Atlanta, GA
September 10, 2019
Greystone Brown Real Estate Advisors announced it has closed the $23,450,000 sale of Shamrock Gardens, a multifamily property in Atlanta, GA. Greystone Brown advised the seller, Legacy Shamrock Community and brought the buyer, Alcott Capital, to the deal. The sale was handled by Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown, and a $19.3 million loan for the transaction was also provided by Greystone.
The transaction was financed with a 10-year Fannie Mae DUS® loan. The property had been previously financed with tax-exempt bonds, which were defeased at the time of closing. The bond financing resulted in the assignment of the existing Land Use Restrictive Agreement (LURA) by the buyer at the time of sale, thereby maintaining this affordable housing. The LURA requires a certain percentage of the units to be occupied by low-income residents until December 2028.
Built in 1967, Shamrock Gardens is an all-brick property with 344 units – including 1, 2 and 3 bedrooms as well as onsite laundry. Residents also have access to other amenities including a community center, computer room, two playgrounds, community garden and orchard. Located at 1988 Plaza Lane, the property has MARTA bus stops onsite and is a short distance from Camp Creek Market and Hartsfield-Jackson.
The property also offers a state-certified onsite daycare for children ages six weeks to 12 years old, which is open to both residents and non-residents. The daycare is a recipient of the Georgia Lottery Pre-K program, which is free and based on “Bright from the Start” requirements and standards.
“This transaction realized many firsts for our team, including achieving the fastest contract closing on a LURA restricted deal, which mandates that many of the units will remain affordable to years to come,” said Barden Brown, Senior Managing Director, Greystone Brown Real Estate Advisors. “We would like to thank the Atlanta Housing Authority for their collaboration and support. In working closely with both Legacy Shamrock Community and Alcott Capital on the sale and financing, we are also thrilled that this transaction includes a scholarship fund to be set up for staff and residents.”