312-unit Grove Park Apartments Sold
- Feb 03, 2014
PointOne Holdings recently acquired the 312-unit Grove Park Apartments community located in Metro Atlanta. The transaction is worth $12.75 million and marks the company’s sixth commercial acquisition in the past 1.5 years.
PointOne Holdings is an investment and operating platform with offices in Atlanta and South Florida, involved mainly in value-add multifamily residential and commercial real estate projects throughout the southeastern United States. The principals of PointOne have collectively owned and operated more than 9,000 multifamily apartment units and more than two million square feet of commercial property. Their current portfolio of residential, commercial and hospitality assets is valued at more than $150 million.
Built in 1990, Grove Park is a garden style B-Class multifamily rental community in the city of Norcross, Northeast Atlanta, close to surrounding area employers and amenities. The location provides direct access to Interstate 85 allowing for convenience to both Metro and Downtown Atlanta. It also has direct access to public transportation with a bus stop right at the entrance to the property. Community amenities include a leasing office/clubhouse with fitness center and indoor racquetball court, swimming pool with sundeck, controlled access, availability of garages, lighted tennis court, children’s playground, and laundry facilities. Units come in a range of one-to-three bedroom floor plans and include walk-in closets, fully equipped kitchens, private balconies/patios, washer/dryer connections, in addition to fireplaces/sunrooms/vaulted ceilings in select units.
The new owners plan to invest more than $2.5 million in capital improvements and the renovation plan includes exterior and interior upgrades alike. Siding replacement and mechanical/plumbing enhancements will be carried out as major parts of the renovation. A new business center, a dog park, security cameras and outdoor BBQ will also be added to the range of amenities.
The property was acquired via auction.com from special servicer CW Capital. The acquisition and renovation financing was provided by A10 Capital.
Photo credits: PointOne Holdings