Atlanta, Georgia – April 03, 2013
PointOne Holdings (“POH”), a Real Estate Investment Group in the Southeast, is pleased to announce a $13,275,000 closing on the purchase of the Steeple Chase Apartments, a 305-unit garden style apartment community located in the highly desirable Northeast Atlanta city of Norcross (Gwinnett County). This is PointOne Holdings’ second Atlanta-based multifamily acquisition over the past nine months.
Steeple Chase is a fundamentally sound asset that offers strong in-place cash flow in a solid infill location. PointOne Holdings will implement a cost-effective capital improvement plan focusing on upgrades to the unit interiors in order to enhance the Property’s value and increase occupancy to market levels.
The sponsors of POH obtained $9,955,000 (75% of the purchase price) in Freddie Mac financing through Walker & Dunlop. The whole transaction, including financing, successfully closed in 60 days. PointOne Holdings is actively pursuing other multi-family properties throughout the Southeastern U.S.
“We are pleased to add this quality community to our growing portfolio,” commented David Garfinkle, one of PointOne Holdings’ Managing Members. “Our investment strategy is to build a balanced portfolio of income producing and value add properties. We will continue to seek similar value-add properties in the Metro Atlanta market as part of our overall strategic growth initiative in the Southeastern U.S.”
Commenting on the latest acquisition, Ben Colonomos, PointOne Holdings’ other Managing Member, said: “We are optimistic about Atlanta and see strong macro signs that this market is poised to pick up over the next 5 to 10 years. New residential development in the Metro Area is at a low point, and we believe that demand will outpace supply thus substantially reducing vacancies and increasing rents.”
According to Managing Member Leo Peicher, “the economic crisis has created unprecedented opportunities to invest in real estate. Our group has positioned itself strategically by acquiring income producing assets in growth markets, for a fraction of replacement value, with strong cash flow performance, and a solid potential for appreciation. Our goal for 2013 is to dramatically increase the size and quality of our portfolio throughout the Southeastern US.”
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