ATLANTA, GA - Beverly Hills-based ExchangePoint Properties, LLC, a leading real estate investment company and sponsor of tenant in common (TIC) investments, announced today the completion of a TIC transaction for Cameron Brook Apartments, a 440-unit apartment complex located at 4659 Dawson Boulevard in Atlanta, Ga. Within five months of acquiring the property for $26.2 million, ExchangePoint completed the sale of the apartment complex to 35 TIC investors.
"Atlanta is a strong market with an expanding economy and growing demographics, that combined offer us tremendous opportunities for the acquisition of multifamily value-added properties," said Evan Farahnik, principal of ExchangePoint Properties, LLC. "Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset with strong upside potential."
A $3 million renovation program is planned for the property. ExchangePoint plans to complete extensive interior and common area upgrades, which will allow the complex to compete with newer class 'A' apartments in the area.
The Cameron Brook Apartment complex was built in 1986 and has a variety of one, two, and three bedroom units. Amenities at the complex include a club house, fitness center, two tennis courts, pool area and playground.
ExchangePoint Properties, LLC is a leading real estate investment firm that offers fractional real estate ownership interests to individual 1031 exchange investors, through a team of seasoned and experienced real estate professionals. With industry leading infrastructure, systems and property underwriting models, ExchangePoint and its affiliated entities have a phenomenal track record which extends for over 15 years, and has attracted Fortune 500 companies as investors and partners. From their home office in Southern California, ExchangePoint Properties and its affiliated entities have completed transactions in excess of one billion dollars and manage a portfolio of over 5 million square feet of office, multifamily and retail properties on behalf of institutional and private investors.
Source: Business Wire