NEW YORK, NY -- Greystone Brown Real Estate Advisors announced it has closed the $22,350,000 sale of Wildcreek Apartments, a 242-unit multifamily property in Clarkston, GA. Greystone Brown acted for both parties in the transaction, advising the seller, Tudor McLeod Asset Management, as well as the buyer, Two Water Capital. The transaction, which closed on October 2, 2018, was handled by Chandler Brown, Taylor Brown, and Bo Brown.
Located at 100 Wild Circle, Wildcreek Apartments is a Class B market-rate multifamily asset that has seen substantial capital expenditures, including approximately $1.6 million to execute exterior, interior, and amenity improvements. Constructed in 1988, Wildcreek is the newest multifamily property containing above 60 units in the Clarkston market, and has over 96% occupancy.
“With a lack of new multifamily inventory existing in the Clarkston market, the buyers see incredible potential with such a high-quality Class B asset,” said Chandler Brown, Director, Greystone Brown Real Estate Advisors. “We are thrilled to have represented both the seller and buyer on this deal, which underscores our understanding of the local market and its investors.”