PointOne Holdings Acquires 222 Unit Multi-Family Apartment Property in Marietta Georgia
Plantation, FL – June, 7th 2013
PointOne Holdings is pleased to announce the purchase of Lakefront Vista Apartments, a 222-unit garden style apartment community located in highly desirable Marietta, Georgia (Cobb County). This is PointOne Holdings’ third Atlanta-based multifamily acquisition over the past year.
Lakefront Vista is a fundamentally sound asset generating strong in-place cash flow, in a solid infill location. Our plan is to invest in excess of $700,000 in capital improvements featuring upgrades to unit interiors, adding amenities, and improving curb appeal, ultimately focusing on enhancing the Property’s value and increasing occupancy to market levels.
The sponsors of POH assumed a Freddie Mac loan with a historically low 3.8% interest rate. PointOne Holdings is actively pursuing other multi-family properties throughout the Southeastern U.S.
Commenting on the latest acquisition, David Garfinkle, a managing member of PointOne Holdings said: “Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with fantastic upside potential. We are thrilled with this acquisition and are already hard at work upgrading the property.”
Craig Sternberg, a 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 multi-family 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.
Managing member Leo Peicher commented, “We continue to search for value-add properties like this one in Atlanta and across the Southeast.”
PointOne Holdings is based in South Florida with additional offices located in Atlanta, Georgia. The Company was founded in 2010 by Managing Members Ben Colonomos, David Lewin and Leo Peicher. In 2012, POH did a strategic joint venture with David Garfinkle and Craig Sternberg from Biscayne Atlantic to acquire and manage income producing and value add properties throughout the Southeastern US. The management team is comprised of highly skilled and experienced real estate operators and entrepreneurs. The group has a strong local presence and deep understanding of the Atlanta commercial real estate market, as evidenced by their acquisition and management of more than 2 million square feet of income producing residential properties since 2010. PointOne Holdings presently owns and manages a diversified portfolio of residential, commercial and hospitality assets with a value of over $100,000,000.
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