Pointe at Lenox Park Picked Up for Almost $25M
By Balazs Szekely, Associate Editor
Pointe at Lenox Park, a 271-unit garden-style community in the Brookhaven submarket recently changed hands for $24.9 million. The previous local private owner sold the apartment homes to Cortland Partners.
Concentrating mainly on value-add acquisitions and development opportunities, Cortland Partners is an apartment owner and manager with a growing portfolio in the Southeast and Texas. The firm’s platform includes investment management, property management, and construction services and in the past few years – since the beginning of the recession– its owned and managed residential portfolio has grown to around 19,000 units in the area.
The company’s CEO, Steven DeFrancis is optimistic about the community’s strong performance in the future, especially considering the current state of the market.
“The city’s job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead,” he says.
Located at 1900 North Druid Hills Road, the rental complex was built in 1988. The community features one- and two-bedroom apartment homes. Tenants can choose from 602- or 800 square-foot one-bedroom floor plans and the two-bedroom units measure 1000 square feet and come with an extra bathroom. Common-area amenities include a business center, a clubhouse and a fitness facility. Apartments are equipped with wood-burning fireplaces, intrusion alarms, wood flooring, granite countertops and include large closets as well as private balconies. The new owner intends to perform a general renovation on all units and update some of the community features as well.
Photo credits: Pointe at Lenox ParkTags: acquisition, Acquisitions/Dispositions, apartment, Atlanta Lead Story, Brokers, Brookhaven GA, Condo, Co-op, HOA, Cortland Partners, Druid Hills Atlanta, economy, Finance/Investment, garden-style, Investors, Local, Maintenance, Multifamily, National, Pointe at Lenox Park, Regional, renovation, rental, Steven DeFrancis, value add