DEAL OF THE DAY: ExchangePoint Completes TIC Transaction for 440-Unit Rental Community
- Jun 13, 2008
By Anuradha Kher, Online News EditorAtlanta–Beverly Hills-based ExchangePoint Properties LLC recently completed a tenant in common (TIC) transaction for Cameron Brook Apartments, a 440-unit rental community located at 4659 Dawson Blvd. in Atlanta.Within five months of acquiring the property for $26.2 million, ExchangePoint completed the sale of the apartment complex to 35 TIC investors. “Atlanta is a strong market with an expanding economy and growing demographics, that combined offer us tremendous opportunities for the acquisition of multifamily value-added properties,” says Evan Farahnik, principal of ExchangePoint Properties. “Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset with strong upside potential.”ExchangePoint plans a $3 million renovation program that will include complete extensive interior and common area upgrades, which will allow the complex to compete with newer Class A apartments in the area.The Cameron Brook Apartment complex was built in 1986 and features one-, two-, and three-bedroom units. Amenities at the complex include a clubhouse, fitness center, two tennis courts, pool area and playground.