NEW YORK, May 29, 2018 (GLOBE NEWSWIRE) — Greystone Brown Real Estate Advisors announced it has closed on the $35,065,000 sale of Pennington Pointe, a 268-unit multifamily property in Marietta, Georgia. Barden Brown and Chandler Brown advised the seller, Hallmark Pennington Pointe, LLC, a subsidiary of Atlanta-based real estate services firm, The Hallmark Companies, Inc. The property was purchased by DE Pennington Pointe Apartments, LLC for $123,694 per unit.
Located at 1716 Terrell Mill Road, Pennington Pointe’s 268 units feature spacious floorplans averaging 1,327 square-feet, the largest in its submarket. Additionally, the residential community includes a playground, picnic area with BBQ grills, clubhouse, fitness center, dog park, tennis courts and swimming pool. Conveniently located 1.5 miles from the new Atlanta Braves baseball stadium, Pennington Pointe also is in close proximity to a host of shopping and dining options with easy access to I-285.
“The rising cost of new construction is driving investors to look at renovating the existing supply rather than developing new ground-up communities,” said Chandler Brown, Director at Greystone Brown Real Estate Advisors. “We were confident that this property would attract substantial interest due to its prime location, community amenities and spacious floorplans.”
About Greystone Brown Real Estate Advisors
In 2016, Greystone, a real estate lending, investment and advisory company, and Brown Realty Advisors created a joint venture combining Greystone’s comprehensive financial platform and Brown Realty’s sales expertise in multifamily properties throughout the Southeast. 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. For more information, visit www.greycoadvisors.com.
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.