Hunters Grove, Kingsley Village and Parkview Apartments on Riverside Parkway, which have often been in the news for tenant complaints about living conditions, and which were in court with over eighty code violations, have been sold.
According to a press release from Greystone Brown Real Estate Advisors, the company that represented the seller, HKP Austell, LLC, the sale price was $36.5 million, with Greystone providing a $30 million bridge loan.
The buyer was not specified in the press release, and we will report further as more information becomes available.
A bridge loan is a temporary loan to bridge the gap between an agreement and the arrangement of permanent financing.
The press release describes the three complexes as follows:
The three garden-style properties are adjacent to one another in the Cobb County town of Austell. Built in 1988, Hunter’s Grove comprises 200 units averaging 952 square feet. Kingsley Village, which was built in 1974, includes 146 units averaging 1,066 square feet, with washer/dryer connections in all two- and three-bedroom floorplans. Parkview Apartments was built in 1971 and features 144 units with floorplans averaging 1,059 square feet. Desirable Cobb County offers convenient access to major state highways, nearby industrial parks, and Six Flags Over Georgia.
The complexes are not within the Austell city limits, but within unincorporated Cobb County near Six Flags Over Georgia.
Tenants have complained of substandard conditions at Hunters Grove, Kingsley Village and Parkview Apartments since at least the fall of 2018, when residents told of rats, water damage, mold, and malfunctioning heating and air units during a renters town hall meeting held in November of that year.
We Thrive in Riverside Renters Association and the Cobb branch of the SCLC held a press conference in front of Parkview Apartments in February of this year to highlight the code citations at the complexes.
In March, at a magistrate court hearing on the code violations, the owners of the complexes requested a jury trial on the citations, to the frustration of renters who attended the hearing.
This is an ongoing story, and we will provide updates as they become available.