August 31, 2012
Biscayne Atlantic in a joint venture partnership with PointOne Holdings closed on the acquisition of Cobblestone Flats, a 240 unit multi-family apartment property located 14 miles from the City of Atlanta in Ellenwood, GA.
Management is implementing a capital improvement plan to enhance the property’s curb appeal, interiors, amenity package and clubhouse. Ownership is also in the process of rebranding the community to include new signage, logos, a modern color scheme and a name change from Cobblestone Flats to The Oaks at Ellenwood.
The sponsors of POH arranged favorable bridge financing with direct lender A10 Capital for 65% of the purchase price and capital improvement expenses.
A10 Capital Executive Vice President Chuck Taylor said, “We worked with the team at PointOne Holdings and Biscayne Atlantic on the financing for Cobblestone Flats. You could tell they did their homework upfront and positioned themselves to move quickly once they were awarded the deal. In today’s market, we certainly appreciate the opportunity to align ourselves with a smart team that follows through by doing exactly what they say they are going to do. It was a very positive experience from our standpoint and we hope to work with them again in the near future.”
POH closed the transaction and arranged financing within 60 days, start-to-finish, and is actively pursuing multifamily and single-family acquisitions throughout the Southeastern U.S.
PointOne Holdings is based in Plantation, FL with additional offices located in Atlanta. PointOne Holdings is a strategic joint venture, between the principals of PointOne Holdings and Biscayne Atlantic, formed to acquire single-family and multi-family residential real estate throughout the Southeastern U.S, with a primary focus on Atlanta. The group has a strong local presence and deep understanding of the Atlanta commercial real estate market, as evidenced by our acquisition and management of more than 250 single family homes throughout metro Atlanta. Our team is comprised of highly skilled and experienced real estate operators and entrepreneurs and our principals have owned and operated over 8,000 multifamily apartment units along the Eastern U.S. This is the fourth fund for PointOne Holdings.