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Greystone Advises on $6.1 Million Acquisition of a 150-Unit Fresno Community

NEW YORK, Aug. 09, 2016 (GLOBE NEWSWIRE) -- Greystone Real Estate Advisors today announced that it led the $6,150,000 acquisition of Millbrook Country Club Apartments in Fresno, CA. Rob Shiels and David O’Neal, Directors at Greystone Real Estate Advisors, advised a California-based private investor in the transaction.

Millbrook Country Club Apartments is a 150-unit, two-story garden style community with gated access built in 1968. The property consists of studio, one- and two-bedroom units and numerous amenities including a pool, a basketball court, outdoor barbeques and laundry facilities. Millbrook is situated just minutes away from downtown Fresno and nearby shopping malls, museums, theaters and musical events.

“As an investor that has been actively acquiring in the Fresno market over the last couple of years, our client immediately recognized the value in the opportunity we brought forth as one that would be a fantastic addition to his portfolio,” said Rob Shiels, a Director of Greystone Real Estate Advisors.

David O’Neil – also a Director of Greystone Real Estate Advisors – added, “This asset is an ideal candidate for strategic repositioning of the investor’s portfolio, which will allow for the capture of increased cash flow in a relatively short timeframe. Through implementing a value-add strategy of common area improvements, interior unit renovations and maximizing operating efficiencies, the property will have a breath of new life moving forward.”

About Greystone
Greystone is a real estate lending, investment and advisory company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA and Fannie Mae lender in these sectors. Our range of services includes commercial lending across a variety of platforms such as Fannie Mae, Freddie Mac, CMBS, FHA, USDA, bridge and proprietary loan products. Loans are offered through Greystone Servicing Corporation, Inc., Greystone Funding Corporation and/or other Greystone affiliates. For more information, visit www.greyco.com.

About Greystone Real Estate Advisors, Inc.
The Greystone Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, equity, acquisition, and investment sales to multifamily owners and investors. For more information, visit www.greyco.com.

PRESS CONTACT: Karen Marotta Greystone 212-896-9149 Karen.Marotta@Greyco.com

Source: Greystone