"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," said Evan Farahnik, principal of ExchangePoint, in a release. "Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset with strong upside potential."
The property is set to undergo a $3-million renovation to all interior finishes, including new cabinet faces, appliances, countertops, paint and flooring. A new business center and community room will also be added to the complex's amenities that include a pool, tennis courts and a fitness center that will be expanded during the renovations.
Properties such as Cameron Brook are well positioned in economic downturns. "We see this as work force housing that is high quality at a reasonable cost housing to the middle market, so there's an intrinsic value to what we're providing," he explains about the company, which also own three additional apartment buildings and commercial properties in Atlanta. The company manages a national portfolio of over five million sf of office, multifamily and retail properties on behalf of institutional and private investors.
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