Greystone Brown Real Estate Advisors Closes $35 Million Sale of Multifamily Property in Marietta, Georgia
May 29, 2018
Greystone Brown Real Estate Advisors announced it has closed on the $35,065,000 sale of Pennington Pointe, a 268-unit multifamily property in Marietta, Georgia. Barden Brown and Chandler Brown advised the seller, Hallmark Pennington Pointe, LLC, a subsidiary of Atlanta-based real estate services firm, The Hallmark Companies, Inc. The property was purchased by DE Pennington Pointe Apartments, LLC for $123,694 per unit.
Located at 1716 Terrell Mill Road, Pennington Pointe’s 268 units feature spacious floorplans averaging 1,327 square-feet, the largest in its submarket. Additionally, the residential community includes a playground, picnic area with BBQ grills, clubhouse, fitness center, dog park, tennis courts and swimming pool. Conveniently located 1.5 miles from the new Atlanta Braves baseball stadium, Pennington Pointe also is in close proximity to a host of shopping and dining options with easy access to I-285.
“The rising cost of new construction is driving investors to look at renovating the existing supply rather than developing new ground-up communities,” said Chandler Brown, Director at Greystone Brown Real Estate Advisors. “We were confident that this property would attract substantial interest due to its prime location, community amenities, and spacious floorplans.”