Marquis Investments purchased a 286 unit complex in August of 2016 located in Cobb County. This purchase was strategic in that is sits only 2 miles north of the new Braves stadium. The previous owner was based out of California and only owned one property in Atlanta. Marquis feels that the management of Star Residential will increase the quality of life in the complex. Dan Miles, managing partner of Marquis, said, “Cumberland Crossing is a strategic purchase that is located in a sub-market of Atlanta where we have shown the ability to perform. I look forward to executing our “3R” strategy to unlock value to this off market purchase.”

Marquis Investments sold River Trace Apartments, a 312 unit complex located in Roswell, GA. Purchased in December of 2012 for $13,500,000, the complex was sold in August of 2016 for $29,500,000. The complex sits on only 34 acres of the total 104 acres. Crown Holdings Group and other investors continue to own some of the remaining acreage which will provide even stronger returns. Once again, Marquis found an undervalued property with our numerous local contacts and managed it to unlock extreme value for all involved.  The decision to sell the complex came as Marquis felt that given the current dynamics of North Fulton County, this was the optimal time to divest.

The following quote is from our silent investor on the multifamily portion of the property; “When Marquis Trace was purchased in December 2012, Origin projected an 18.9% gross IRR and a 2.11x gross multiple on equity over a 5-year hold period. We beat our original IRR projection by 300%. We more than doubled the multiple and executed the business plan 20% faster than we had initially projected.” – Origin Investments

Marquis Investments sold Avenues 85, the 392 unit complex located near Brookhaven, GA. The complex was purchased in August of 2014 and sold just two years later in August of 2016. During those two years, the exterior of the complex was completely renovated and approximately 25% of the interior units were upgraded. Managed by Star Residential, the quality of the life in the complex was increased exponentially. Dan Miles, managing partner of Marquis, said, “Avenues 85 was another great example of our ability to acquire properties that others do not see. Once acquired we preformed our “3R” strategy to renovate, recapitalize, and reposition which unlocked tremendous value for all of the stake holders involved in the property. The sale came at the perfect time, allowing investors to receive an IRR greater than 40%.”

Atlanta-based Catalyst Development Partners, in a JV with Bluerock Residential Growth REIT, is planning to develop a 285-room high-end apartment project on the land being sold by Crown Holdings Group. For more information on the sale of the property and details on the project click on the link below to the article from Bisnow.

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