South Florida Firm Sells 240-unit Southwinds Point Apartments in Metro Atlanta for $28.35 million
After a three-and-a-half-year hold PointOne Holdings generates a return multiple of 2.5 times the total equity invested
ATLANTA (PRWEB) FEBRUARY 06, 2019
PointOne Holdings announced the sale of Southwinds Point Apartments, a 240-unit garden-style multifamily apartment community located in Metro Atlanta’s city of Stockbridge. The property sold on January 10th, 2019, generating a return multiple of 2.5 times the total equity invested in a period of three and a half years.
During the period in which PointOne Holdings owned and operated the property, occupancy increased from 92 to 99 percent and average effective rents increased by 37 percent. PointOne Holdings drove the property’s quarterly net operating income from $302,000 to $421,000, a 40 percent increase. Southwinds Point was successfully managed by Pegasus Residential.
“Our initial strategy to spend $1.25 million on a major capital improvement campaign had a substantial impact on the net operating income growth at the property” said Ben Colonomos, PointOne Holdings’ Managing Partner. “The keystone project at the property was to convert the tennis courts into a spectacular amenity area for our residents, featuring a large green space which included outdoor kitchens, grilling stations, a central fireplace, walking paths, a gazebo with picnic tables and all new outdoor furniture.”
“PointOne Holdings targeted execution strategy, our driven focus to improve the community, as well as our attention to detail at Southwinds Point resulted in outsized investor returns in a very short period of time” said Leo Peicher, PointOne Holdings’ Managing Partner.”
Southwinds Point was successfully marketed and sold by David Gutting of JLL. “What made this transaction a tremendous success for both buyer and seller was PointOne Holding’s success in establishing a well-proven value-add strategy that the buyer could easily expand upon” said David Gutting. “That strategy, coupled with Point One’s strategic onsite amenity improvements, paved the path for the property to remain competitive in this dynamic logistics corridor.”
PointOne Holdings is a real estate investment firm headquartered in South Florida and Atlanta with properties located throughout the Southeastern United States and Texas. The firm owns and manages a diversified portfolio of residential and commercial assets valued in excess of $730 million. PointOne Holdings’ core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. PointOne Holdings’ principals are seasoned professionals with over 40 years of combined experience who have collectively conducted over $1.9 billion in real estate transactions. For more information visit www.pointoneholdings.com
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