Greenwood Star Holdings Secures Strategic Acquisition of Parkside and Creekside Apartments
Greenwood Star Holdings has expanded its portfolio with a strategic acquisition that underscores the firm’s commitment to leveraging multifamily assets in high-growth markets. The Atlanta-based real estate company, which specializes in the full spectrum of multifamily property operations from acquisition to disposition, has announced the acquisition of Parkside and Creekside Apartments in Doraville, Georgia. This move is pursuant to its Regulation D, 506(c) offering under the Greenwood Star Income and Growth Trust (GSREIT) initiative.
The Parkside Apartments, encompassing 281 units, and the Creekside Apartments with 96 units, represent Greenwood Star’s continued investment in high-quality, income-producing multifamily assets. The financial contours of the transactions entail purchasing Parkside for $31.5 million and Creekside for $15.5 million—both at significant discounts to comparable sale prices. This strategic financial positioning is further strengthened by the assumption of long-term, low-interest Fannie Mae financing, with the loans maturing in August 2029.
The chairman and CEO of Greenwood Star, Lisa Li, emphasized the intrinsic value of these acquisitions: “Doraville is an in-demand submarket of Atlanta that continues to demonstrate resilient fundamentals, creating a competitive rental housing environment. 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.”
The decision to target these particular properties aligns with the broader trends in the Doraville area, where sustained population growth and a vibrant job market continue to buoy the local economy. High occupancy rates, coupled with rental prices that offer a cost-effective alternative to the higher mortgage payments typical of the region, further bolster the investment rationale. Forecasts for the Doraville submarket suggest that these favorable conditions will persist, bolstering demand for multifamily units — an outcome that Greenwood Star is poised to capitalize on.
This acquisition exemplifies Greenwood Star Holdings’ acumen in identifying and securing assets that align with market dynamics and investor expectations. The company’s integrated approach to property management, complemented by advantageous financing, positions it to navigate and prosper in the competitive multifamily space.