MIAMI, FL – Miami, Florida-based Atlantic | Pacific Companies (A|P) is pleased to announce the acquisition of The Pointe at Preston Ridge in Alpharetta, Georgia. The recently closed deal expands A|P’s regional reach to 21 multifamily communities. The property also marks A|P’s fourth acquisition in 90 days within the company’s second private equity fund, Blue Atlantic Partners II (BAP II).
The Pointe at Preston Ridge is located in Alpharetta's Preston Ridge community near Big Creek Greenway Trail. The 266-unit, two story residential property offers a mix of one, two, or three-bedroom floorplans with an average square footage of 1,147 square feet. Alpharetta offers some of Atlanta’s best public schools and the Pointe at Preston Ridge is within walking distance to Avalon, a $1 Billion award-winning “urbanburb” development.
A|P plans to make significant capital improvements including common area enhancements, as well as interior unit upgrades with granite countertops, Shaker-style cabinets, and stainless-steel appliances.
“The Pointe at Preston Ridge fits our current strategy of investing in existing multifamily communities that can benefit from A|P’s property management expertise and value add/renovation program,” remarked Mark Briggs, Chief Operating Officer at Atlantic | Pacific Real Estate Group. “The acquisition increases A|P’s holdings in Georgia to nearly 5,500 units.”
A|P currently owns and manages 20 other communities in Georgia including The Atlantic Aerotropolis in Atlanta, The Atlantic Vinings in Smyrna, The Atlantic Brookhaven in Brookhaven, The Atlantic Loring Heights in Midtown, The Atlantic Peachtree Corners in Peachtree Corners, and The Atlantic Newtown in Alpharetta.
Atlantic | Pacific Management (A|P Management), the property leasing & management platform under A|P, will handle all property management responsibilities for the property.