NEW YORK, NY - Greystone Brown Real Estate Advisors announced it has closed the $21,050,000 sale of Premier Apartments, a multifamily property in Austell, GA. Greystone Brown advised both the seller, Tudor McLeod Asset Management and the buyer, Castle Lanterra. The transaction was handled by Chandler Brown and Taylor Brown.
Premier Apartments features 280 garden-style units with one-, two-, and three-bedroom floorplans. Located at 7200 Premier Lane in Cobb County, the spacious floorplans average 1,011 square feet. Having attractive architecture with pitched roofs, exterior breezeways, and patio/balconies for each unit, the area is very popular due to its favorable tax and water rates, strong school systems, and boasts one of the tightest rental markets in the metro area.
According to RealPage, the South Cobb County/Douglasville submarket boasts the strongest annualized rent growth rates of all Atlanta MSA submarkets. Castle Lanterra plans to continue the interior renovation program, increase the amenities package, and do an exterior value-add renovation.
“Multifamily inventory is low in Cobb County, making this area extremely desirable. We are elated to have worked with Tudor McLeod once again and with both parties, leveraging our local expertise to enable this transaction to close,” said Chandler Brown, Director, Greystone Brown Real Estate Advisors. “We also applaud Castle Lanterra’s commitment to preserving and investing in this property.”