AUSTELL, GA—Commercial real estate lending and investment firm Greystone Brown has provided a $30 million bridge loan, as well as arranged the $36.5 million sale of a three-property multifamily portfolio consisting of 490 units in Cobb County, GA. The seller, HKP Austell, LLC, was represented by the Greystone Brown Real Estate Advisors team of Taylor Brown, Chandler Brown, Barden Brown, and Walter Miller. Leor Dimant, vice president in Greystone's New York office, originated the acquisition financing on behalf of the buyer, who was not disclosed.

The three garden-style properties are adjacent to one another in the Cobb County town of Austell. Built in 1988, Hunter's Grove comprises 200 units averaging 952 square feet. Kingsley Village, which was built in 1974, includes 146 units averaging 1,066 square feet, with washer/dryer connections in all two- and three-bedroom floorplans. Parkview Apartments was built in 1971 and features 144 units with floorplans averaging 1,059 square feet. Occupancy averages about 65 percent for the three properties.

Taylor Brown says the buyer plans significant renovations to all three properties. This will include exterior and interior upgrades, as well as improvements to amenities.

"You will see a pretty good improvement out there almost immediately," Brown says. "This is one of the fastest growing submarkets in all of Atlanta for rental properties."

Brown says this deal makes six properties Greystone Brown has sold in this area over the past several months. He anticipates more capital investment in the near future.

Instant Insights /

Three-Asset Georgia Multifamily Portfolio Trades for $36.5M

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