Greenwood Star

Greenwood Star Holdings (“Greenwood Star”), a vertically integrated real estate company specializing in the acquisition, management, and disposition of multifamily properties, today announced the acquisition of 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 high-quality, 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 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.”

Both properties may benefit from their desirable locations within the Doraville submarket, an area where favorable fundamentals are expected to continue supporting the market for the foreseeable future. The area has seen strong population growth in recent years along with a robust job market. Doraville has also 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.