5 Cap Realty, RREIC Advisors Acquire Multifamily Asset in Metro Atlanta for $21.6M

by Camren Skelton

STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.

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