Atlantic | Pacific Cos. Expands GA Footprint
The Pointe at Preston Ridge in Alpharetta marks the firm's 21st owned and managed community within the Atlanta metro, bringing its total to nearly 5,500 units.
The Pointe at Preston Ridge
Atlantic|Pacific Cos. has acquired The Pointe at Preston Ridge, a 266-unit multifamily property in Alpharetta, Ga. The firm’s portfolio has now reached 21 communities. This marks A|P’s fourth buy in the last 90 days within its second private equity fund, Blue Atlantic Partners II, following its $40 million purchase of The Atlantic Station in Fort Worth, Texas.
“Our recent acquisition of The Pointe at Preston Ridge represents Atlantic|Pacific Real Estate Group’s 21st owned and managed community within the Atlanta MSA. A|P is quietly becoming one of the top apartment owners in Atlanta with just under 5,500 units owned and managed,” Mark Briggs, chief operating officer at Atlantic|Pacific, told Multi-Housing News.
Located at 950 Executive Drive, the 1988-built community comprises 28 two-story buildings across 33 acres. Apartments are offered in one-, two- and three-bedroom floorplans, ranging from 983 to 1,327 square feet. According to Yardi Matrix, the last recorded owner was Global State Investments USA, which purchased the asset for $27.4 million in February 2015. As of June 2018, The Pointe at Preston Ridge was 91.7 percent occupied. Current interior features include washer/dryer hookups, fireplaces, vaulted ceilings and private balcony/patios. Residents have access to amenities such as a fitness center, a tennis court, a swimming pool, outdoor storage, carports and 500 parking spaces.
Capital improvements
The Pointe at Preston Ridge
A|P plans to implement a significant capital improvements plan onto the property, which will include upgrades to the common areas, as well as the inclusion of granite countertops, stainless steel appliances and Shaker-style cabinets to the interiors. Atlantic|Pacific Management, the property leasing and management platform under A|P Cos., will handle property management for The Pointe at Preston Ridge.
“Preston Ridge adds additional geographic and market diversity to A|P’s extensive Atlanta portfolio that includes assets within the urban core and a geographic reach as far south as McDonough and north to Canton,” added Briggs. “As longer term holders of real estate, we remain very bullish on Atlanta’s future as a job creator and a continued great place to live.”
Images courtesy of Atlantic|Pacific Cos.
