PointOne Holdings is a real estate investment company based in Plantation, Florida and it recently announced the acquisition of Lakefront Vista Apartments in Marietta, Georgia. It purchased the 222 unit apartment community for $10.9 million.
The purchase of the garden style apartment community is PointOne Holdings third Atlanta-based multifamily acquisitions over the past year. The community is a fundamentally sound asset generating strong in-place cash flows in a solid infill location. PointOne Holdings is due to invest in excess of $700,000 to upgrade interiors, appliances, and to improve curb appeal and add amenities. This investment will ultimately enhance the property’s value and will increase occupancy to market levels. Point One Holdings is now actively pursuing other multifamily acquisitions in the Southeastern US.
David Garfinkle, managing member of Point One Holdings 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 the 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."
Managing member Ben Colononmos commented saying, "The addition of this Cobb County property to a portfolio is indicative of the strong residential real estate market uptick we are seeing throughout the Metro Atlanta area. We continue to search for value-add properties like this one in Atlanta and across the Southeast."
PointOne Holdings is a real estate investment company that was founded in 2010, and which is based in Plantation, Florida with additional offices located in Atlanta, Georgia. The company was founded by Managing Members Ben Colonomos, David Lewin and Leo Peicher. The management team consists of highly skilled and experienced real estate operators and entrepreneurs, and the group has a deep understanding of the Atlanta commercial real estate market. PointOne Holdings presently owns and manages a diversified portfolio with a value of more than $100 million.