Greystone Brown Real Estate Advisors Closes $31.2 Million Sale of Multifamily Property in Marietta, GA
Greystone Brown Real Estate Advisors announced closing the $31,200,000 sale of a multifamily property in Marietta, GA. Greystone Brown represented both the seller, Wilkinson Corporation and buyer, Asset Development and Management Group, LLC in the deal. The Greystone Brown team leading the transaction included Jim Jarrell, Cory Caroline Sams, Chandler Brown, Walter Miller, Taylor Brown and Bo Brown.
Located in highly sought-after Cobb County, 880 Lakeside is located at 880 South Cobb Drive. The multifamily asset consists of 222 units. The amenities include a newly remodeled clubhouse, swimming pool, fitness center, playground, dog park, private lake with fishing dock, and picnic gazebo with grilling area. The new owner, Asset Development and Management Group, LLC plans on building upon the amenities and exterior upgrades already completed by renovating unit interiors.
“880 Lakeside was a uniquely challenging transaction due to the timing during the COVID-19 pandemic,” said Ms. Sams, Director, Greystone Brown Real Estate Advisors. “We went under contract the last day of February 2020 meaning that the timing of the deal’s most important milestones - due diligence, loan application, etc., all fell within the period of the first impact of the virus and the ensuing stay-at-home orders. In order to keep the transaction moving forward, we had to respond in real time to a truly unprecedented historical event along with constantly changing economic and regulatory factors. Ultimately, it was the persistent cooperation between the buyer and seller and the flexibility of the onsite operations, third party inspectors, and lender that enabled us to successfully inspect and close this transaction.”