NEW YORK, March 15, 2016 (GLOBE NEWSWIRE) -- Greystone Brown Real Estate Advisors has arranged the sale of Lincoln Hills, a 680-unit apartment community, on behalf of an existing client. Built in 1986, the asset is located on over 43 acres just north of Atlanta in Marietta, GA off of Terrell Mill Road and Interstate 75 in Cobb County.
"The Suntrust Park mixed-use development has been the catalyst for dynamic growth for the Galleria/Cumberland/South Marietta submarkets in Cobb County. Developers and investors in multifamily are aggressively looking for opportunities in this booming area of North Atlanta. With the high costs of new construction and the issue of rental affordability, Lincoln Hills offered an outstanding opportunity to renovate and reposition an existing asset to attract Cobb's affluent tenant profile. Greystone Brown has been extremely active in this submarket having sold 5 properties totaling over 1400 units in excess of $138 million in the last year," said Bo Brown, President of Greystone Brown Real Estate Advisors.
Upon sale of the asset, it was well-occupied with increasing collections. The buyer, a local Atlanta investment group, plans to execute an extensive interior and exterior renovation program at the property. With the closing of Lincoln Hills, Greystone Brown Real Estate Advisors has achieved the second-highest total sales price in the past 12 months in the Marietta submarket. Cory Sams, Taylor Brown, and Bo Brown represented the seller.
About Greystone Brown Advisors
In 2016, Greystone and Brown Realty Advisors created a joint venture combining Greystone’s comprehensive financial platform and Brown Realty’s sales expertise in multifamily and retail properties throughout the southeast. In 2015, Brown Realty was #1 for sales of multifamily assets larger than 85 units built previous to 1995. Established in 1975, Brown Realty is one of the largest and oldest privately-held apartment brokerage firms in the South having closed more than $5 billion in acquisitions and dispositions.