Greystone & Cos., Inc. has been exclusively retained to seek$7,100,000 in loan proceeds for the refinance of Whispering Trace Apartments (the "Property"), a multifamily development that contains 40 townhomes. The Property is exceptionally located in Woodstock, Georgia, a bedroom community of Atlanta. The Property is currently 100%occupied.
The Sponsor purchased the Property in September 2019 for$3,900,000 ($97,500 / unit) and has since invested an additional $840,000 ($21,000 / unit) in interior upgrades and$260,000 in exterior improvements. In total, 38 townhomes have been renovated to date. The remaining two townhouses will be renovated as those units turn; however, the existing tenants have continued to elect to pay higher rents and remain on the Property.
Recent leases have been executed with rents at $1,950 /month and a recently vacant unit was marketed at $1,800 /month and received multiple applicants. The Sponsor will increase all rents to a minimum of $1,600 during the first year of the loan term, generating a $80,000 increase in rental income. At $1,600 / month, the Property's rents will still be at least $200 below market for comparable rentals. The Sponsor will increase rents in Year 1 of the loan while continuing to maintain a fully stabilized property.
The Property is a 5-7 minute walk to downtown Woodstock. Residents are close to a number of restaurants, shopping destinations, a community amphitheater, and a indoor swimming center. Money, the digital publication for personal finance and news, named Woodstock, Georgia the #17 best place to live in America. A new mixed use development, which touches the northern property line, has been recently approved. The 12.2 acre development will contain 42,000 SF of commercial space, and 237 residential units (including 116 townhomes that are each projected to sell from $600,000 - $700,000). The Sponsor negotiated favorable terms with the new development including extra buffers, runoff protections, and a walking path that provides Whispering Trace residents direct path to the new commercial establishments.