Greenwood Star Holdings acquired two multifamily communities as part of its Regulation D, 506(c) offering: Greenwood Star Income and Growth Trust (GSREIT) a private, open-end real estate investment trust focused on acquiring income-producing multifamily assets across the Southern United States.
The acquisitions include Parkside Apartments, a 281-unit property, along with Creekside Apartments, a 96-unit property, both located in the Atlanta suburb of Doraville, Georgia. Parkside was purchased for $31.5 million, a 23% discount to its comparable sale price, and Creekside was purchased for $15.5 million, a 35% discount to its comparable sale price. Both properties include the assumption of attractive long-term financing involving a 3.63% Fannie Mae loan maturing in August 2029.
Doraville has experienced high occupancy rates, driven in part by affordability. Mortgage payments in the surrounding area are more than double the monthly rent payments at both properties, reinforcing demand for quality rental housing.
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