Greenwood Star REIT Acquires Pair of Multifamily Communities Near Atlanta
Real estate company Greenwood Star Holdings has acquired two multifamily communities as part of its Regulation D, 506(c) offering: Greenwood Star Income & Growth Trust Inc., or GSREIT – a perpetual life private placement real estate investment trust focused on higher quality multifamily assets structured specifically for registered investment advisers.
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, Ga. 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 chief executive officer 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.”
According to Greenwood Star, 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.
Previously reported in August 2024 by AltsWire, the REIT launched in July and according to its latest Form D, requires a minimum investment of $1,000. More recently, the company hired financial services industry veteran Peter Nicolas as managing director of capital markets.
Greenwood Star is a vertically integrated real estate company specializing in the acquisition, management and disposition of multifamily properties. Its leadership said it continues to pursue properties across the Southern United States with the potential for both stable income and long-term appreciation through strategic acquisitions and disciplined property management.
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