April 03, 2013
Biscayne Atlantic in a joint venture partnership with PointOne Holdings is pleased to announce a $13,275,000 closing on the purchase of the Steeple Chase Apartments, a 305-unit garden style apartment community located in the highly desirable Northeast Atlanta city of Norcross (Gwinnett County). This is Biscayne Atlantic’s second Atlanta-based multifamily acquisition over the past nine months.
Steeple Chase is a fundamentally sound asset that offers strong in-place cash flow in a solid infill location. Biscayne Atlantic will implement a cost-effective capital improvement plan focusing on upgrades to the unit interiors in order to enhance the Property’s value and increase occupancy to market levels.
The sponsors of Biscayne Atlantic obtained $9,955,000 (75% of the purchase price) in Freddie Mac financing through Walker & Dunlop. The whole transaction, including financing, successfully closed in 60 days. Biscayne Atlantic is actively pursuing other multi-family properties throughout the Southeastern U.S.
“We are pleased to add this quality community to our growing portfolio,” commented David Garfinkle, one of Biscayne Atlantic’ Managing Members. “Our investment strategy is to build a balanced portfolio of income producing and value add properties. We will continue to seek similar value-add properties in the Metro Atlanta market as part of our overall strategic growth initiative in the Southeastern U.S.”
Biscayne Atlantic is based in South Florida with additional offices located in Atlanta, Georgia. 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. Biscayne Atlantic presently owns and manages a diversified portfolio of residential, commercial and hospitality assets with a value of over $400 million.