South Florida firm PointOne Holdings sells 298-unit The Promenade at Newnan Crossings Apartments in Metro Atlanta for $65.8 Million

Miami, October 13, 2020

PointOne Holdings announced the sale of The Promenade at Newnan Crossings Apartments, located in Metro Atlanta’s city of Newnan, Georgia. The 298-unit garden style multifamily property sold for $65.8 million.

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The project generated proceeds to investors of $7,785,525 on a total equity investment of $13,697,005 in approximately thirty-two (32) months.

The development is part of a 123-acre mixed-use master development which provides the property’s residents with a truly walkable, interconnected community containing an exciting mixture of retail, office, restaurant and residential space. The LINC, a city-approved 25.5-mile multi-use pedestrian pathway connecting the entertainment and commerce hubs, runs adjacent to the apartment community.

PointOne Holdings is presently developing in excess of 2,400 apartment units for a total combined value of approximately $500 million. Development projects are located in top in-migration Southeastern US suburban destinations fueled by strong population in-flows and high-end demographics.

“We are extremely proud to have successfully come full circle with this development project creating outsized profits to all our investors,” said Ben Colonomos, PointOne Holdings’ Managing Partner. “The joint venture partnership outperformed its operational goals throughout the lease-up period notwithstanding the limitations set by Covid-19.”

“The Promenade at Newnan Crossings Apartments is another example of a successful execution by PointOne Holdings following our strategy to sell our older vintage value-add properties and pivot to developing well-located garden-style, class-A, multifamily properties in major market suburbs,” said Leo Peicher, PointOne Holdings’ Managing Partner.

“The sale of Promenade at Newnan Crossing confirms the strategic vision we established several years ago, and our drive to execute on it,” said David Lewin, PointOne Holdings’ Managing Partner. “We are proud to have delivered a phenomenal asset in a market that needed it, and to have provided extraordinary value to our investors.” 

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 $788 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 $2.35 billion in real estate transactions. For more information visit www.pointoneholdings.com