ATLANTA, Oct. 31, 2018 /PRNewswire-PRWeb/ -- PointOne Holdings announced the sale of Hampton Point Apartments, a 276-unit garden-style multifamily apartment community located in Metro Atlanta's city of McDonough. The property sold on October 11th, 2018 – Generating a return of 98 percent of the total equity invested in less than three years.
During the period in which PointOne Holdings owned and operated the property, occupancy increased from 90 to 99 percent and average effective rents increased by 22 percent from $747 to $912 per unit per month. PointOne Holdings drove the property's quarterly net operating income from $310,000 to $416,000, a 36 percent increase.
"Hampton Point is an excellent example of a successful execution by PointOne Holdings with the help of Pegasus Residential," said Ben Colonomos, PointOne Holdings' Managing Partner. "In addition to turning this challenged property into a vibrant and safe community for its residents, the results from the sale exceeded all financial projections and expectations set in the original investor offering."
"We are extremely proud to have successfully created value for our investors by implementing a capital improvement program and executing on a strategic lease-up program while, at the same time, building a strong sense of community for the property's residents" said Leo Peicher, PointOne Holdings' Managing Partner.
The property was successfully marketed and sold by Nathan Swenson of Cushman & Wakefield. "Capitalizing on specifically targeted capital, amenity improvements and well appointed interior upgrades, along with an economic renaissance in Atlanta's south side," said Nathan Swenson, "PointOne Holdings did an incredible job of positioning the property for its next stage."
About PointOne Holdings:
PointOne Holdings is an investment and operating platform composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite, close, asset manage and reposition value-add and core investments in multifamily and commercial real estate. Our core principles are founded on precise investment selection, thorough due diligence, creative deal structuring, strong financial management and proactive and responsive communication. Our principals are seasoned Real Estate professionals with over 40 years of combined experience who collectively have conducted over $1.9 billion in real estate transactions.
SOURCE PointOne Holdings
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