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.
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.