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NEW YORK, May 06, 2021 (GLOBE NEWSWIRE) — Greystone Brown Real Estate Advisors announced it has closed the $39,000,000 sale of a multifamily property in Marietta, Georgia. Greystone Brown represented the seller, Aerial Development Group & Viking Capital, in the deal. The Greystone Brown team leading the transaction included Chandler Brown, Taylor Brown, Barden Brown, and Walter Miller.
Located in an admired location in Cobb County, The Hills at East Cobb is located at 1716 Terrell Mill Road. The multifamily asset consists of 266 units. The property is located just 1.5 miles from Braves Stadium, and offers residents a variety of amenities including a fitness center; swimming pool; splash pad; bocce ball court; luxury outdoor kitchen; picnic area with BBQ grills; clubhouse; and dog park.
“We are thrilled to have helped Aerial / Viking with another sale and have found it gratifying to be a part of their portfolio success,” said Chandler Brown, Director at Greystone Brown Real Estate Advisors. ”It’s truly a seller’s market today, and our regional expertise indicates that the Atlanta MSA is an outperformer for potential investors. With the high barrier to entry for Cobb County, paired with the strong migration and job growth metrics, this transaction was a win-win for both parties.”
The buyer, Spaxel, LLC, assumed an existing Freddie Mac loan of $27,000,000 and plans an extensive capital improvement plan to reposition the asset to meet the growing demands of the micro- and macro-market trends.
About Greystone Brown Real Estate Advisors
Greystone Brown Real Estate Advisors is a commercial investment brokerage company specializing in the sale of multifamily and retail properties throughout the Southeast. The firm is one of the largest and oldest privately held apartment brokerage firms in the region. Greystone Brown real estate professionals are committed to understanding the objectives of maximizing yields and profits while being able to meet critical time frames. For more information, visit www.brownra.com.
PRESS CONTACT:
Karen Marotta
Greystone
212-896-9149
Karen.Marotta@greyco.com
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