PointOne Holdings Purchases Cobb County Apartment Complex For $10,900,000

POINTONE HOLDINGS PURCHASES COBB COUNTY APARTMENT COMPLEX FOR $10,900,000

ATLANTA, June 18, 2013 – PointOne Holdings is pleased to announce a $10,900,000 closing on June 7 for the purchase of Lakefront Vista Apartments, a 222-unit apartment community in Marietta, Ga. This acquisition is PointOne’s third Atlanta-based multi-family property purchase over the past year. 

“Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with substantial upside potential,” said David Garfinkle, principal of PointOne Holdings. “We are thrilled with this acquisition and are already hard at work upgrading the property.”

PointOne Holdings is a real estate investment company that specializes in the acquisition, renovation, management and disposition of distressed and value-add multi-family residential real estate. PointOne Holdings invests in income producing multi-family apartment properties for below-replacement cost in select sub-markets throughout the Southeastern United States.

Lakefront Vista Apartments is located at 880 South Cobb Drive in Marietta. In 2012, the property underwent $600,000 in renovations. PointOne Holdings plans to invest another $700,000 in capital improvements, including upgrades to interiors and appliances, additional amenities and improved curb appeal.

Ben Colonomos, principal of PointOne Holdings, added, “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. We continue to search for value-add properties like this one in Atlanta and across the Southeast.”

“Given that new residential development in Metro Atlanta has not picked up significantly to meet the high demand for rental properties, the purchase of multi-family complexes like Lakefront Vista are attractive additions to our investment portfolio,” explained Craig Sternberg, principal of PointOne Holdings.

Nelson Mullins Riley & Scarborough, LLP commercial real estate partner Andy Litvak represented PointOne Holdings in the closing. He was assisted by of counsel Jim Holmes and senior paralegal Smita Daya.

“This transaction is reflective of a continuing trend amongst experienced investors and deal sponsors selectively targeting multi-family acquisitions,” said Litvak. “There seems to be very strong investor interest in this asset class, which, of course, fuels activity by experienced sponsorship groups like PointOne Holdings.”

Established in 1897, Nelson Mullins Riley & Scarborough, LLP has more than 470 attorneys and government relations professionals practicing from offices in the District of Columbia, Florida, Georgia, Massachusetts, North Carolina, South Carolina, Tennessee and West Virginia. For more information on the firm, go to www.nelsonmullins.com.

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