Greybrook¹ Announces US$57,200,000 Acquisition of Two Garden-Style Apartment Properties in Atlanta, Georgia

This acquisition marks Greybrook’s third investment in Atlanta, Georgia.

Greybrook¹ announced today the acquisition of two garden-style apartment communities consisting of 456 units situated in the Metro Atlanta area, south of Atlanta, Georgia for the purchase price of US$57,200,000. Greybrook will manage the implementation of a property enhancement program, which includes modernizing the apartment units, investing in the communal areas and grounds, and introducing a new property management team dedicated to improving tenant services and operational efficiency.

The adjacent garden-style apartment properties are located within College Park in Clayton County and encompass 19 three-story buildings distributed over 51.5 acres of densely wooded land, offering seclusion and an abundance of green space. The properties feature a range of amenities, including clubhouses with business centres, outdoor pools, sundecks, playgrounds, and fitness centres for the residents’ enjoyment

The properties are conveniently located a short distance from key employers, such as the Southern Regional Medical Center, Clayton County’s third-largest employer.⁽²⁾ In close proximity is the Gillem Logistics Centre, a 1,168-acre master-planned industrial park currently under development, which includes The Kroger Company among its tenants. The completion of this US$180 million project is anticipated to create approximately 1,000 new jobs in the region.⁽²⁾ Additionally, the Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport in terms of passenger traffic, and the headquarters of Delta Airlines are nearby.⁽³⁾⁽⁴⁾ The airport contributes over US$82 billion to Georgia’s economy and is expected to see substantial growth with an US$11.5 billion capital improvement plan in progress, set to be completed by summer 2029.⁽⁵⁾⁽⁶⁾ The properties are also conveniently located less than a 30-minute drive from Downtown and Midtown Atlanta.⁽³⁾

Metro Atlanta has seen a significant surge in population, with a 15.9% increase over the past decade, far exceeding the national average of 6.6%.⁽⁷⁾ This growth, along with a substantial influx of new residents, has positioned Metro Atlanta as a key expansion centre in the Southeast United States. The city’s strategic location, with nearly 80% of the U.S. population within a two-hour flight, has solidified its position as a central transportation hub and a leader in supply chain and logistics.⁽⁸⁾ Atlanta’s emergence as a favoured destination for corporate relocations and the establishment of large regional and technology hubs has attracted 35 of 2023’s Fortune 1000 companies, including 19 in the elite Fortune 500.⁽⁹⁾ The region’s diverse economy offers career opportunities in industries such as supply chain & advanced manufacturing, life sciences & healthcare, information technology, cleantech, and creative industries.⁽¹⁰⁾

“The Atlanta Metropolitan region has consistently been recognized as one of the top rental markets in the United States, driven by a rapidly growing population and strong employment growth. This trend of consistent rental demand and rent growth is expected to continue,” noted Karl Brady, Chief Financial Officer, Greybrook Realty Partners. “The properties present an opportunity to enhance their value through operational improvements and value-add enhancements that will not only elevate the tenant experience but also increase operational efficiency. We are thrilled to be expanding our footprint in the immediate area.”

In 2023, Greybrook successfully completed the acquisition of Parc at 1875, a garden-style apartment complex located less than three miles from these properties. The management of these properties will be overseen by the same property manager, who possesses extensive experience in the local area.

Click here to see a video of the communities.

^{(1) Properties were acquired by Atlanta Meadow Springs Value-Add Property I LP and Atlanta Meadow Springs Value-Add Property II LP, each an indirect subsidiary of Greybrook.
(2) Cushman & Wakefield Research Services.
(3) com/maps.
(4) TIME-“The World’s Busiest Flight Routes and Airports of 2023”, Dec 2023.
(5) Hartsfield-Jackson generates billions in economic activity in the region – The Atlanta Journal-Constitution.
(6) CBRE Research Services
(7) Sunbelt Multifamily MarketBeat – Atlanta Q1 2023, Cushman & Wakefield.
(8) com/meetings/why-atlanta/convenient-travel/
(9) Fortune – ‘The 2023 Fortune 500 list’, May 2023.
(10) com/built-for-business/key-industries/}