Source: PointOne Holdings / #Apartments #Multifamily
MARIETTA, GA - PointOne Holdings, a real estate investment company, announced a $10,900,000 closing on June 7th of the purchase of Lakefront Vista Apartments located in highly desirable Marietta, Georgia (Cobb County). The 222-unit garden-style apartment community is PointOne Holdings’ third Atlanta-based multifamily acquisition over the past year.
Lakefront Vista is a fundamentally sound asset generating strong in-place cash flows in a solid infill location. PointOne Holdings (POH) will invest in excess of $700,000 in capital improvements to upgrade interiors and appliances, add amenities and improve curb appeal, ultimately enhancing the property's value and increasing occupancy to market levels.
The sponsors of POH assumed a loan with a historically low 3.8% interest rate and seven months remaining of interest-only payments. PointOne Holdings is actively pursuing other multifamily acquisitions throughout the Southeastern U.S.
Commenting on the latest acquisition, David Garfinkle, PointOne Holdings’ managing member said, “Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with substantial upside potential. We are thrilled with this acquisition and are already hard at work upgrading the property.”
Craig Sternberg, managing member of PointOne Holdings, added, “Given that residential development in Metro Atlanta has not picked up significantly to meet the high demand for rental properties, the purchase of multifamily complexes like Lakefront Vista are attractive additions to our investment portfolio.”
“The addition of this Cobb County property to our portfolio is indicative of the strong residential real estate market uptick we are seeing throughout the Metro Atlanta area,” said managing member Ben Colonomos. “We continue to search for value-add properties like this one in Atlanta and across the Southeast.”