PointOne Holdings Sells Apartment Community in Metro Atlanta for $27M

NORCROSS, GA. — PointOne Holdings has sold Grove Point Apartments, a 312-unit multifamily community in the Atlanta suburb of Norcross for $27 million. The South Florida-based multifamily investor purchased the asset in January 2014 via Auction.com from special servicer CW Capital for approximately $12.8 million. PointOne Holdings invested more than $3 million in capital improvements to the property, including upgrades to unit interiors, overall repairs to building exteriors, replacement of mechanical, electrical and plumbing and improved curb appeal. The company also upgraded the amenities by adding a business center, dog park, fitness center, outdoor kitchens, playground and a Zen garden. During PointOne’s ownership of Grove Point, occupancy rose from 85 percent to more than 97 percent at the time of the sale. Average rents also increased an average of $200 per unit and the property’s net operating income per month increased by 77 percent.