South Florida firm sells 334-unit Crestmark Apartments in Metro Atlanta for $44.85 million
PointOne Holdings LLC generates a 2.5 multiple of the total investor equity over period of two and a half years.
ATLANTA (PRWEB) FEBRUARY 28, 2019
PointOne Holdings, a real estate investment firm with offices in Hollywood Florida and Atlanta Georgia, just announced the sale of Crestmark Apartments located in the Metro Atlanta city of Lithia Springs. The property sold on January 2019, generating a return multiple of 2.5 times the total equity invested in a period of two and a half years.
PointOne Holdings has strategically shifted into developing projects in certain Southeastern primary market suburbs and just recently completed its sixth fund which will develop 1,200 multifamily units for a total combined value of $180 million.
“Crestmark Apartments is an excellent example of a successful execution by PointOne Holdings with the help of Pegasus Residential,” said Ben Colonomos, PointOne Holdings’ Managing Partner. “During the period in which PointOne Holdings owned and operated the property, occupancy increased from 93 to 98 percent, average effective rents increased by 23 percent while its net operating income increased by 38 percent.”
“We are extremely proud to have successfully exited another asset creating outsized profits to our investor community while delivering a proven value-add opportunity to the property’s new buyer” said Leo Peicher, PointOne Holdings’ Managing Partner. “In the last year we have successfully executed our strategy to exit all of the pre-2000 vintage multifamily properties in our portfolio generating a total value of $215 million to our investors.”
The property was successfully marketed and sold by Chad DeFoor of ARA-Newman, Knight, Frank. "The PointOne team did an excellent job at Crestmark of maximizing their returns to investors while still maintaining an achievable value-add story for the next owner” said Chad DeFoor.
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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