April 21, 2016
Biscayne Atlantic in a joint venture partnership with PointOne Holdings is pleased to announce the sale of Grove Point Apartments, a 312-unit garden-style multifamily apartment community located in Metro Atlanta. The property sold for $27 million or $86,540 per unit and was acquired in January 2014 via Auction.com from special servicer CW Capital for $12.75 million or $40,860 per unit.
In the 28 months since Biscayne Atlantic acquired Grove Point, we successfully turned the asset from an underperforming distressed property to a leading residential community in the Norcross submarket of Metro Atlanta. Biscayne Atlantic invested in excess of $3 million in capital improvements to the property which included upgrades to unit interiors, overall repairs to building exteriors, replacement of mechanical, electrical and plumbing and improved curb appeal. Additionally, Biscayne Atlantic upgraded the amenities by adding a business center, a dog park, a brand new fitness center, outdoor kitchens, a new playground, and a beautiful Zen garden.
During our ownership, occupancy at the Grove Point rose from 85 percent to over 97 percent at the time of the sale. In addition, average rents rose an average of $200 per unit and the property’s net operating income per month increased by 77 percent.
We are extremely proud to have successfully created substantial value for our investors while building a strong and safe community for the property’s residents.
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 and commercial assets with a value of more than $400 million.