June 7, 2013
Biscayne Atlantic in a joint venture partnership with PointOne Holdings is pleased to announce the purchase of Lakefront Vista Apartments, a 222-unit garden style apartment community located in highly desirable Marietta, Georgia (Cobb County). This is Biscayne Atlantic’ third Atlanta-based multifamily acquisition over the past year.
Lakefront Vista is a fundamentally sound asset generating strong in-place cash flow, in a solid infill location. Our plan is to invest in excess of $700,000 in capital improvements featuring upgrades to unit interiors, adding amenities, and improving curb appeal, ultimately focusing on enhancing the Property’s value and increasing occupancy to market levels.
Biscayne Atlantic assumed a Freddie Mac loan with a historically low 3.8% interest rate. Biscayne Atlantic is actively pursuing other multi-family properties throughout the Southeastern U.S.
Commenting on the latest acquisition, David Garfinkle, a managing member of Biscayne Atlantic said: “Lakefront Vista presents us with a fantastic opportunity to expand into Cobb County with a high quality property with fantastic upside potential. We are thrilled with this acquisition and are already hard at work upgrading the property.”
Craig Sternberg, a managing member of Biscayne Atlantic, added, “Given that 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.”
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.