Two south Cobb apartment complexes have sold for a total of about $35 million, Sandy Springs-based Greystone Brown Real Estate Advisors announced Tuesday.
The two complexes, 300 Riverside and Villas at Riverside, are near Austell.
Castle Lanterra Properties bought 300 Riverside apartments from Tudor McLeod Asset Management for $19.7 million. Greystone Brown advised the buyer, brought the seller and provided a $16.2 million loan for the transaction, the adviser’s release states.
The recently upgraded 300 Riverside property, located at 300 Riverside Parkway, offers 220 one-, two- and three-bedroom units with walk-in closets, sunrooms, fireplaces and balconies as well as a clubhouse, swimming pool, sports court, access gate and on-site laundry facilities.
Rent at 300 Riverside ranges from $805 to $1,010, according to representatives at the complex.
Greystone Brown also advised Moneil Investment Group in its sale of Villas at Riverside for $15.4 million. The buyer in that transaction was not identified in the news release.
Located at 648 Whisper Trail, Villas at Riverside offers 266 garden-style luxury units with one-, two-, three- and four-bedroom floor plans averaging 1,023 square feet in size. Other amenities at the property include a clubhouse, swimming pool, laundry center, sport court, playground and access gate.
Rent at the Villas at Riverside range from around $740 to about $1,135, according to the complex’s website.
Both sites are near Six Flags Over Georgia theme park. Residents of other apartment complexes in the area have recently complained to the county about old, leaky roofs, rats and other issues.
Riverside 300 and Villas at Riverside have been some of the complexes with the least amount of complaints in the Riverside Parkway corridor, according to Rep. Erica Thomas, D-Austell.
Thomas said the sale of the two properties is not out of the ordinary, as apartments in the corridor change hands often. But, she said, the price of the sale may be a good sign for possible redevelopment in an area plagued with housing complaints.
“I think it is a good thing that (the apartments are) under new ownership, because usually when that happens, they will refurbish these apartments, maybe do some remodeling,” Thomas said. “And I do hope to see from the new owner that we’ll have some type of improvements for the living situations for the people in that area.”
Thomas said permanency in apartment ownership, as well as a Cobb County Police Department precinct near the Riverside Parkway corridor, could help in making the area more attractive to developers who in turn will bring a mix of developments to raise the quality of life in the area.
The closest Cobb County Police Department precinct is about 6.5 miles north of the Riverside Parkway corridor where the apartments are located.
Thomas also said if those changes are implemented, development may also come to the site of the former Magnolia Crossing apartments, a site that has been sitting vacant for nearly four years, to the frustration of the south Cobb community.
The Magnolia Crossing site — also on Riverside Parkway — was once home to a decades-old, asbestos-riddled apartment complex. Magnolia Crossing tenants were controversially given cash payments to move out by the end of 2015, and the land was cleared within a year, but little else has progressed.
“What I would like to see is for these apartments to ... be so attractive that it helps us in getting buyers for that Magnolia Crossing property,” Thomas said, adding that the community has been asking for a “live-eat-work-play place” on the 12.4 acres for years.
The first step, Thomas said, will be finding real estate investors who are willing to purchase and keep the apartments on Riverside Parkway. The lawmaker said her fingers are crossed that the latest buyers are willing to stick around.
“I just wish these people would buy, stay and give these people some stability,” she said.
— MDJ reporter Ross Williams contributed to reporting for this story.