Greystone Brown Real Estate Advisors Closes $58.3 Million Sale of Atlanta Apartment Complex
April 3, 2018
Greystone Brown Real Estate Advisors announced it has closed on the $58,300,000 sale of Stone Ridge at Vinings, a 440-unit apartment complex in metro Atlanta. A team comprising Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown advised both the seller, Boca Raton, FL-based Ventron Management LLC, which owns 20 properties across Georgia and Florida, and the buyer, Rochester, NY-based Broadtree Residential, a part of Broadstone.
Stone Ridge at Vinings is a 1970s vintage community comprising 49 buildings and spread over 30 acres in an affluent enclave of Atlanta, boasting generous floor plans and reasonable rents for the desirable area.
“In marketing the asset for Ventron, we were confident that the vintage property would attract a lot of interest due to its attractive amenities and the price per square foot compared to costs for new construction. Stone Ridge at Vinings is a highly competitive product with substantial upside for the investor,” said Bo Brown, President, Greystone Brown Real Estate Advisors.