ATLANTA, GA - PointOne Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, acquired Southwinds Stockbridge Apartments, a 240 unit, garden style, multifamily rental community for $17,800,000. The Property was built in 1993 and substantially renovated in 2007 and is currently 96 percent occupied.
PointOne Holdings will rebrand the community as Southwinds Point. The complex is strategically located in the Atlanta metro area in the city of Stockbridge in Henry County minutes from the I-675/I-75 interchange which provides direct access to Hartsfield-Jackson Atlanta International Airport, Downtown Atlanta and many of the region’s predominate economic generators.
Southwinds’ well-designed units average a spacious 1,109 square feet and feature fully equipped kitchens, security alarm panels, entry foyers with closets, patio/balconies, crown molding, large closet space, and full size washer/dryer connections.
The company plans to invest $1.25 million in capital improvements to the property. The renovation plan includes upgrades to unit interiors, as well as to the leasing and resident centers. Furthermore, PointOne Holdings plans to modernize and add more amenities including a new dog park, outdoor kitchens and fireplaces, new signage and a gazebo with picnic tables and outdoor grilling stations.
“This property has tremendous potentia,l” said Craig Sternberg, a managing member of PointOne Holdings. “Our investment in Southwinds Point’s amenity package will transform the property into one of the premier living communities in the Stockbridge submarket.”
“We are pleased to add this quality community to our growing portfolio and see this acquisition as another important step in building PointOne Holdings’ diversified portfolio of multifamily and commercial properties in the Southeastern US," said David Lewin, another of PointOne Holdings’ managing members.
PointOne Holdings obtained a $13.75 million non-recourse loan at a fixed rate with a 10-year term from Starwood Mortgage Capital to complete the acquisition and was advised by Charles Foschini and Jason Hochman of CBRE Capital Markets.