Grove Point is a 312 unit, “B-Class” garden style, multifamily rental community, built in 1990. The Property is located in highly desirable Northeast Atlanta in the city of Norcross (Gwinnett County.) The property’s location provides direct access to Interstate 85 allowing for convenience to both Metro and Downtown Atlanta. Additionally, Grove Point benefits from tremendous exposure and visibility as a result of the traffic counts on Jimmy Carter exceeding 40K cars daily. The Property has direct access to public transportation with a bus stop at the entrance to the property.
Grove Point boasts an array of community amenities including a leasing office/clubhouse with fitness center and indoor racquetball court, swimming pool with sundeck, controlled access, availability of garages, lighted tennis court, children’s playground, and laundry facilities.
With a superior amenity package and an impressive unit mix of one, two, and three bedroom units – Grove Point appeals to a variety of tenant needs and provides numerous housing options. Unit amenities include the availability of walk-in closets, fully equipped kitchens, private balconies/patios, washer/dryer connections, in addition to fireplaces/sunrooms/vaulted ceilings in select units.
Grove Point Apartments was sold for $27 million or $86,540 per unit on April 20, 2016. During the period in which Biscayne Atlantic owned and operated the property, occupancy increased from 85 to 97 percent and effective rents increased from $633 to $825 per unit per month. Biscayne Atlantic drove the property’s net operating income from $72,000 to $166,200 per month; a 130 percent increase. The transaction generated in excess of $10 million in net profit after closing costs. When the sales profit is added to the quarterly distributed cash flow from operations during the holding period, the investment resulted in a deal level IRR of 62.5 percent or a return on investment of 193 percent over a horizon of less than 2 1/2 years.