Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with substantial upside potential. We are thrilled with this acquisition and are already hard at work upgrading the property.
Atlanta, Georgia (PRWEB) June 18, 2013
PointOne Holdings, a real estate investment company, is pleased to announce a $10,900,000 closing on June 7th of the purchase of Lakefront Vista Apartments located in highly desirable Marietta, Georgia (Cobb County). The 222-unit garden-style apartment community is PointOne Holdings’ third Atlanta-based multifamily acquisition over the past year.
Lakefront Vista is a fundamentally sound asset generating strong in-place cash flows in a solid infill location. PointOne Holdings (POH) will invest in excess of $700,000 in capital improvements to upgrade interiors and appliances, add amenities and improve curb appeal, ultimately enhancing the property's value and increasing occupancy to market levels.
The sponsors of POH assumed a loan with a historically low 3.8% interest rate and seven months remaining of interest-only payments. PointOne Holdings is actively pursuing other multifamily acquisitions throughout the Southeastern U.S.
Commenting on the latest acquisition, David Garfinkle, PointOne Holdings’ managing member said, “Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with substantial upside potential. We are thrilled with this acquisition and are already hard at work upgrading the property.”
Craig Sternberg, managing member of PointOne Holdings, added, “Given that residential development in Metro Atlanta has not picked up significantly to meet the high demand for rental properties, the purchase of multifamily complexes like Lakefront Vista are attractive additions to our investment portfolio.”
“The addition of this Cobb County property to our portfolio is indicative of the strong residential real estate market uptick we are seeing throughout the Metro Atlanta area,” said managing member Ben Colonomos. “We continue to search for value-add properties like this one in Atlanta and across the Southeast.”
To learn more about PointOne Holdings and investment opportunities, please visit http://www.pointoneholdings.com.
About PointOne Holdings
PointOne Holdings is a real estate investment company based in Plantation, Florida with additional offices located in Atlanta, Georgia. The Company was founded in 2010 by Managing Members Ben Colonomos, David Lewin, and Leo Peicher. In 2012 POH did a strategic joint venture with Biscayne Atlantic to acquire and manage income producing and value add properties throughout the Southeastern US. The management team is comprised of highly skilled and experienced real estate operators and entrepreneurs. The group has a strong local presence and deep understanding of the Atlanta commercial real estate market, as evidenced by their acquisition and management of more than 2 million square feet of income producing residential properties since 2010. PointOne Holdings presently owns and manages a diversified portfolio of residential, commercial and hospitality assets with a value of over $100 million.