November 17, 2016
Biscayne Atlantic in a joint venture partnership with PointOne Holdings is pleased to announce the sale of Steeple Chase Apartments, a 306-unit garden-style multifamily apartment community located in Metro Atlanta. The property, which was acquired in March 2013 for $13.27 million, was sold today for $26 million.
Steeple Chase is an excellent example of a successful value-add execution by PointOne Holdings. During our ownership we invested in excess of $1.75 million dollars of capital to upgrade interiors, add amenities, update the property’s infrastructure and improve the overall curb appeal at Steeple Chase.
During the period in which PointOne Holdings owned and operated the property, occupancy increased from 92 to 97 percent and average effective rents increased by 29 percent from $673 to $868 per unit per month. PointOne Holdings drove the property’s net operating income from $82,100 to $143,900 per month, a 75 percent increase!
We are extremely proud to have successfully created value for our investors by implementing a capital improvement program and executing on a strategic lease-up program while, at the same time, building a strong sense of community for the property’s residents.