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. ”With the high barrier to entry for Cobb County, paired with the strong migration and job growth metrics for the Atlanta MSA, this transaction was a win-win for both the buyer and seller. The region continues to attract investment interest from a wide range of multifamily investor profiles due to the underlying fundamentals, as was the case with the marketing of The Hills at East Cobb.”
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.