The asset, The Life at West Cobb Apartments, is located at 2665 Favor Road and is a 90% low-income housing tax-credit community.
Olive Tree was represented in the deal by New York-based Greystone Brown Real Estate Advisors. The buyer was not disclosed.
“We have built a wonderful partnership with Olive Tree Holdings, and are appreciative that they have placed their trust in us to work on more than 10 dispositions,” Greystone Brown director Taylor Brown said in a press release. “This asset in particular faced some challenges during the pandemic, including a lower occupancy and disruption in collections, but it’s a quality property in a fantastic location, so it commanded a strong purchase price.”
The property was built in 1969 and acquired by Olive Tree in 2019, according to the firm’s website.