Hollywood, Florida – September 18, 2017
Biscayne Atlantic in a joint venture partnership with PointOne Holdings is pleased to announce the sale of Waterford Point Apartments, a 344-unit garden-style multifamily apartment community located in Metro Atlanta. The property, acquired in October 2014 for $18,650,000, sold for $33,500,000 – Generating a return of 122 percent of the total equity invested in less than three years.
Waterford Point is an excellent example of a successful value-add execution by PointOne Holdings/Biscayne Atlantic. During our ownership we invested in excess of $2.5 million dollars of capital to upgrade interiors, add amenities, update the property’s infrastructure and improve the overall curb appeal at the property.
During the period in which PointOne Holdings and Biscayne Atlantic owned and operated the property, occupancy increased from 94 to 98 percent and average effective rents increased by 30 percent from $664 to $867 per unit per month – driving the property’s net operating income from $100,250 to $196,400 per month, a 96 percent increase!