Crestmark Apartments is 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 invested $1.4 million in capital improvements to the property. The renovation included major upgrades to unit interiors, improvement to the property’s curb appeal and an expansion to amenity package by adding a children’s playground, a dog park, and outdoor BBQ grills to the second pool area.
PointOne Holdings assumed an existing Freddie Mac loan and contemporaneously obtained a supplemental loan from Freddie Mac to complete the acquisition.