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PointOne Holdings Sells McDonough MF for $29M

During the period in which PointOne Holdings owned and operated the property, occupancy increased from 90 to 99% and average effective rents increased by 22%, from $747 to $912 per unit per month.

Hampton Point Apartments, 820 Hampton Road, McDonough, GA

MCDONOUGH, GA—PointOne Holdings has sold Hampton Point Apartments, a 276-unit garden-style multifamily apartment community located at 820 Hampton Road in Metro Atlanta’s city of McDonough. The property generated a return of 98% of the total equity invested in less than three years.

The property was acquired by a newly formed limited partnership, Hampton Point Multifamily, for $28.9 million, or about $104,710 per unit, according to Real Capital Analytics, a proprietary research database that tracks commercialreal estate transactions.

During the period in which PointOne Holdings owned and operated the property, occupancy increased from 90 to 99% and average effective rents increased by 22%, from $747 to $912 per unit per month. PointOne Holdings drove the property’s quarterly net operating income from $310,000 to $416,000, a 36% increase.

Hampton Point is an excellent example of a successful execution by PointOne Holdings with the help of Pegasus Residential,” says Ben Colonomos, PointOne Holdings’ managing partner. “In addition to turning this challenged property into a vibrant and safe community for its residents, the results from the sale exceeded all financial projections and expectations set in the original investor offering.”

“We are extremely proud to have successfully created value for our investors by implementing a capital improvement program and executing on a strategic lease-up program while, at the same time, building a strong sense of community for the property’s residents” said Leo Peicher, PointOne Holdings’ managing partner.

The property was successfully marketed and sold by Nathan Swenson of Cushman & Wakefield. “Capitalizing on specifically targeted capital, amenity improvements and well-appointed interior upgrades, along with an economic renaissance in Atlanta’s south side,” says Swenson, “PointOne Holdings did an incredible job of positioning the property for its next stage.”