NEW YORK, Oct. 22, 2014 (GLOBE NEWSWIRE) -- Greystone, a real estate investment and development group, today announced the acquisition of two Midtown Raleigh apartment communities, Atlantic Lynn Lake and Atlantic Millbrook, for $18.4 million.
Located approximately two and a half miles apart, Atlantic Lynn Lake and Atlantic Millbrook were constructed in 1986 and consist of 101 units and 117 units, respectively. Atlantic Lynn Lake provides amenities such as a fitness center, clubhouse, playground and pool, while Atlantic Millbrook offers the same, as well as tennis courts, bike/jogging trails, and BBQ/picnic area.
The properties were purchased from Atlantic Pacific Companies and transitioned to new property management by Greystone Property Management Corporation, which manages thousands of residential real estate units in Florida, Indiana, Louisiana, North Carolina and South Carolina.
As part of its active acquisitions strategy, Greystone seeks out multifamily assets, investing in renovation and improved property management to increase value. Ideal real estate acquisition targets are 1980's vintage – or newer – and over 200 units in size situated in the Southeast, mid-Atlantic and Midwest.
"The Midtown Raleigh area offers economic growth potential for a growing influx of residents, and also complements our value-add owner / operator strategy as we look to expand our multifamily portfolio," said Bill Guessford, Senior Vice President, Multifamily Property Management and Acquisitions.
About Greystone
Greystone is a financial services and private investment group whose original core business is multifamily real estate lending. Over the years, Greystone has added business lines that are related to, and natural extensions of, its core business including acquisition, development, and management of multifamily housing properties across the country. Headquartered in New York with offices across the U.S., Greystone is active in three major business segments: Mortgage Finance, Healthcare and Real Estate. Greystone's mission is to apply unparalleled creativity while modeling corporate compassion. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information about Greystone's multifamily and healthcare financing solutions please visit http://www.greyco.com.