The largest apartment developer and operator in Columbus has quietly acquired nearly 300 additional units with the purchase of The Crossings on north Veterans Parkway.
Greystone Properties acquired The Crossings on June 23 for $24.75 million and has been rebranding the complex to Greystone at The Crossings, owner Will White said Wednesday.
Greystone now owns and operates about 4,000 apartment units in Georgia, Alabama, Florida and Tennessee. More than 2,800 of them in Columbus.
The Crossings, with 292 units, opened in 2011 and was owned by an out-of-town partnership. White said he had been discussing the possible acquisition of The Crossings for about four years, but negotiations got serious in March.
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“There were a couple of things that led to it,” White said. “First, their partnership was fairly contentious relationship, and we had been in conversations with them for some time. The opportunity to make a deal arose in March. At that point, we began to take a hard look at it.”
Purchasing the existing complex is a little different than the standard Greystone business model, which is to build the developments “and keep them forever,” White said.
When Greystone purchased the complex, the occupancy was about 84 percent, White said. It is now more than 90 percent occupied. The apartment monthly rents range from $805 for a one-bedroom unit to $1,145 for a three-bedroom unit.
It is the 11th complex owned by Greystone in Columbus. The company is in the process of opening a 328-unit complex in Knoxville, Tenn., and a 240-unit complex in Leesburg, Ga.
It is not the first major purchase for White this year. In May, Greyrock Properties LLC purchased the five-story former Carmike headquarters building downtown at 1301 1st Ave. and a four-story building at 301 13th St. for $3.2 million, according to deed records filed in Muscogee County Superior Court.
The company is still working to lease those properties, White said on Wednesday.