Greystone Brown Real Estate Advisors announced it has closed the $10,300,000 sale of Castlegate Commons, a multifamily property in Bonaire, GA. Greystone Brown advised the seller, Castlegate Property Group, and brought the buyer, Patrician Management, to the deal. The sale was handled by Cory Caroline Sams and Barden Brown, and a $7.2 million loan for the transaction, originated by Keith Hires, was also provided by Greystone.
The acquisition was financed with a 10-year Freddie Mac loan, with three years of interest-only payments. Built in 2001, Castlegate Commons is a 120-unit garden-style apartment community offering one-, two- and three-bedroom floorplans with features such as walk-in closets, in-unit laundry hookups, fireplaces, and vaulted ceilings. Residents also enjoy access to the property’s swimming pool, clubhouse and fitness center, basketball area, dog run and detached garages. Located at 725 GA-96 in Houston County’s rapidly growing Warner Robins metropolitan area, the property is located in a reputable school district with access to major highways, the Robins Air Force Base and the region’s other major employers.
“We are pleased that we were able to help our long-time client find the right buyer for this attractive property, and also able to help the buyer secure desirable financing terms for a seamless and quick-to-close transaction,” said Cory Caroline Sams, Director, Greystone Brown Real Estate Advisors. “Our team excels at matching up prospective buyers and sellers of multifamily properties, and we are especially thrilled when our creativity and industry-leading service experience benefits all parties throughout every stage of a transaction like this.”