Source: PointOne Holdings / #Apartments #Multifamily
ATLANTA, GA - PointOne Holdings, a real estate investment firm with offices in Hollywood Florida and Atlanta Georgia, announced the sale of Crestmark Apartments located in the Metro Atlanta city of Lithia Springs. The property generated a return multiple of 2.5 times the total equity invested in a period of two and a half years.
“Crestmark Apartments is an excellent example of a successful execution by PointOne Holdings with the help of Pegasus Residential,” said Ben Colonomos, PointOne Holdings’ Managing Partner. “During the period in which PointOne Holdings owned and operated the property, occupancy increased from 93 to 98 percent, average effective rents increased by 23 percent while its net operating income increased by 38 percent.”
“We are extremely proud to have successfully exited another asset creating outsized profits to our investor community while delivering a proven value-add opportunity to the property’s new buyer” said Leo Peicher, PointOne Holdings’ Managing Partner. “In the last year we have successfully executed our strategy to exit all of the pre-2000 vintage multifamily properties in our portfolio generating a total value of $215 million to our investors.”
The property was successfully marketed and sold by Chad DeFoor of ARA-Newman, Knight, Frank. "The PointOne team did an excellent job at Crestmark of maximizing their returns to investors while still maintaining an achievable value-add story for the next owner” said Chad DeFoor.
PointOne Holdings has strategically shifted into developing projects in certain Southeastern primary market suburbs and just recently completed its sixth fund, which will develop 1,200 multifamily units for a total combined value of $180 million.