Marquis Investments Purchases Casa Mia Apartments
Posted on August 15, 2011
August 15, 2011 (Atlanta,GA). Marquis Investments announced today that it has acquired Casa Mia Apartments (now known as Marquis Place). Marquis Place, which was sold by Freddie Mac, was purchased with cash and bank debt from Branch Bank & Trust (BB&T) and is conveniently located in Marietta, GA within one mile of I--75. The 40 unit complex includes spacious 1, and 3 bedroom garden style and townhome apartments. Marquis Place amenities include a swimming pool, lighted tennis courts, a playground and convenient access to major malls, I--75 and I--285.
The property will be managed by Star Residential. With the addition of Marquis Place, Marquis Investments now owns almost 2,000 units in the Atlanta metropolitan area and plans to own up to 4,000 by the end of 2011. Marquis Investments, LLC began operations in 2010 to efficiently execute the highly structured business plans of the demanding and discriminating opportunistic real estate investment community. Marquis Investments brings over 50 years of top level experience in the multifamily arena.
Marquis Investments is aggressively creating a larger footprint within the Atlanta metropolitan area. One week prior to the acquisition of Marquis Place,the company purchased Lake Tree Apartments (now known as Marquis Pointe). Currently, Marquis Investments has over 50 units under contract which are expected to close within the next 45 days.
Moshe Manoah, a Managing Member of Marquis Investments, commented, “With the recent acquisition of Marquis Pointe, Marquis Place aligned perfectly with our business strategy. We will continue to look for unstablilized properties that performed well in the past but, due to the market downturn, have recently underperformed. Once stabilized, we expect to see significant operating leverage and appreciation as we apply our ‘3R’ strategy-–-Recapitalize, Renovate and Reposition.Our 3R strategy has already proven to be very successful since Marquis Investments’ commencement of operations. We will immediately begin to make capital improvements to this property. I expect that we can quickly stabilize the property and generate significantly increased cash flow.”
Manoah added, “Our unmatched combination of acquisition, renovation and management expertise, all delivered by our company affiliates without thirdparty managers,will allow us to maintain strict control over all aspects of the investment lifecycle.”
Marquis plans to have the property fully stabilized by the second quarter of 2012.
Marquis Investments is actively seeking value--add multifamily acquisition opportunities in the Southeast. Please contact Blair Schlossberg at (770) 391-1233 for more information.