July 01, 2015
Biscayne Atlantic in a joint venture partnership with PointOne Holdings acquired Southwinds Stockbridge Apartments, a 240 unit, garden style, multifamily rental community for $17,800,000. The Property was built in 1993 and substantially renovated in 2007 and is currently 96 percent occupied.
Biscayne Atlantic will rebrand the community as Southwinds Point. The complex is strategically located in the Atlanta metro area in the city of Stockbridge in Henry County minutes from the I-675/I-75 interchange which provides direct access to Hartsfield-Jackson Atlanta International Airport, Downtown Atlanta and many of the region’s predominate economic generators.
Southwinds’ well-designed units average a spacious 1,109 square feet and feature fully equipped kitchens, security alarm panels, entry foyers with closets, patio/balconies, crown molding, large closet space, and full size washer/dryer connections.
The company plans to invest $1.25 million in capital improvements to the property. The renovation plan includes upgrades to unit interiors, as well as to the leasing and resident centers. Furthermore, Biscayne Atlantic plans to modernize and add more amenities including a new dog park, outdoor kitchens and fireplaces, new signage and a gazebo with picnic tables and outdoor grilling stations.
“This property has tremendous potential,” said Craig Sternberg, a managing member of Biscayne Atlantic. “Our investment in Southwinds Point’s amenity package will transform the property into one of the premier living communities in the Stockbridge submarket.”
“We are pleased to add this quality community to our growing portfolio and see this acquisition as another important step in building PointOne Holdings’ diversified portfolio of multifamily and commercial properties in the Southeastern US,” said David Lewin, another of PointOne Holdings’ managing members.
Biscayne Atlantic obtained a $13.75 million non-recourse loan at a fixed rate with a 10-year term from Starwood Mortgage Capital to complete the acquisition and was advised by Charles Foschini and Jason Hochman of CBRE Capital Markets.
About Biscayne Atlantic
Biscayne Atlantic is an investment and operating platform composed of highly skilled real estate professionals and entrepreneurs with a unique ability to originate, structure, underwrite, close, asset manage and reposition under-performing and value-add multifamily residential and commercial real estate. With offices in Atlanta and South Florida, the firm has the resources, experience and strategic relationships required to access, acquire and operate a broad range of investment opportunities throughout the southeastern United States.
The principals of Biscayne Atlantic have collectively owned and operated more than 9,000 multifamily apartment units and more than two million square feet of commercial property. Biscayne Atlantic currently owns and manages a diversified portfolio of residential, commercial and hospitality assets with a value of more than $400 million.