PointOne Holdings Acquires Crestmark Apartments, a 334-unit Multifamily Apartment Community in Metro Atlanta.
The firm will invest $1.4 million to upgrade the amenities and apartment interiors
August 19, 2016
Pointone Holdings, a real estate investment group with offices in Hollywood, Florida, and Atlanta, Georgia, acquired Crestmark Apartments, a 334-unit, garden style, multifamily apartment rental community for $29,058,000. The complex is located in the Atlanta Metro’s city of Lithia Springs and features drive-by exposure to more than 60,000 vehicles per day on Thornton Road. Crestmark Apartments was built in two phases 1993 and 1997 and is 97 percent occupied. The property is located minutes from downtown Atlanta, Hartsfield-Jackson International Airport and some of the region’s predominate economic drivers.
Crestmark Apartments’ best-of-class amenities include two pools, resort style clubhouse and business center, state-of-the-art fitness center, outdoor kitchens, sports court, children’s playground, and a walking trail. The property’s well-designed apartment units average a spacious 1,079 square feet and feature fully equipped kitchens, ceiling fans, garden tubs, laundry/utility room with washer/dryer connections, patio/balcony, bay windows and walk-in closets
PointOne Holdings plans to invest $1.4 million in capital improvements to the property. The renovation plan includes major upgrades to unit interiors, improving the property’s curb appeal and expanding the amenity package by adding a children’s playground, a dog park, and outdoor BBQ grills to the second pool area.
“We own Waterford Point, a similar property in this Douglas County sub-market, and are seeing more demand for better quality living said David Lewin, managing member of PointOne Holdings. “Crestmark Apartments is what the market is looking for: easy access, great amenities, large units and a solid resident base as neighbors.”
“In this deal, we see a clear opportunity to add value for both our residents and investors through a cost-effective capital improvement plan focused on upgrades to the unit interiors and enhancements to the property’s amenity package,” Ben Colonomos, PointOne Holding’s managing member stated.
“Crestmark is PointOne Holdings’ fourth major multifamily, commercial acquisition in 2016. We see the acquisition of Crestmark Apartments as another important step in building PointOne Holdings’ diversified portfolio of multifamily and commercial properties” said Leo Peicher, PointOne Holdings’ managing member.
About PointOne Holdings
PointOne Holdings is an investment and operating platform composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite, close, asset manage and reposition value-add and core investments in multifamily and commercial real estate. Our core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. Our principals are seasoned Real Estate professionals with over 40 years of combined experience who collectively have conducted over $1.2 billion in real estate transactions.
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