Greenwood Star Holdings is expanding its footprint in the Southern U.S., acquiring two new multifamily communities through its Greenwood Star Income and Growth Trust (GSREIT), a private REIT focused on high-quality, income-generating properties.
Two Atlanta-Area Apartment Communities Join Greenwood Star Portfolio
Greenwood Star acquired two multifamily properties in Doraville, Georgia. The communities are Parkside Apartments, which has 281 units, and Creekside Apartments, which has 96 units.
Parkside was purchased for $31.5 million, which is about 23% below its comparable sale price. Creekside, however, was acquired for $15.5 million. The amount is roughly 35% below its comparable value, according to PRNewswire.
Both purchases have long-term financing through a 3.63% Fannie Mae loan, which will mature in August 2029. “Doraville is an in-demand submarket of Atlanta that continues to demonstrate resilient fundamentals, creating a competitive rental housing environment,” said Lisa Li, chairman and CEO of Greenwood Star.
“With our integrated property management capabilities, and the ability to assume the 3.63% Fannie Mae loans, we believe that Parkside and Creekside are well-positioned to deliver significant value to investors,” Li added.
Doraville Properties Add Stable Income
Parkside and Creekside Apartments are centrally located in Doraville, a thriving Atlanta suburb known for its easy access to shopping, dining, and major highways.
High occupancy rates are also driven by affordability. It is primarily so because local mortgage payments are more than double the monthly rent at these properties. This underscores strong demand for quality rental housing.
The Parkside and Creekside acquisitions solidify Greenwood Star’s footprint in the Atlanta area, reinforcing its position in the growing Southern multifamily market.
