Marquis Investments Purchases Hamptons at Lenox Apartments
Posted on February 27, 2012
February 27, 2012 (Atlanta, GA). Marquis Investments announced today that it has acquired Hamptons at Lenox (now known as Marquis at Lenox). Marquis at Lenox, which was sold by Fannie Mae, was purchased with cash and bank debt from Mutual of Omaha. This property is located inside the I-285 perimeter on Briarwood Road between the I-85 access road and Buford Highway. The 192 unit complex is made up entirely of 2 bedroom apartments and has a swimming pool, sun deck and playground. The property is one mile north of North Druid Hills Road and Lenox Road with easy access to I-85 and is minutes away from nearby Lenox Mall, Georgia Tech, Emory, Oglethorpe University and Georgia State.
The property will be managed by Star Residential. With the addition of Marquis at Lenox, Marquis Investments now controls over 2,500 units in the Atlanta metropolitan area. 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. Blair Schlossberg, a Managing Member of Marquis Investments, commented, “Marquis at Lenox is a great addition to our portfolio. The southern part of the Buford Highway corridor has historically performed well, but has underperformed due in part to the market downturn. This area continues to be a very desirable location as evidenced by the new construction located close to Marquis at Lenox. Once stabilized, we expect to see significant operating leverage and appreciation as we apply our ‘3R’ Strategy — Recapitalize, Renovate and Reposition. 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.”
Schlossberg added, “Our unmatched combination of acquisition, renovation and management expertise, all delivered by our company affiliates without third party managers, will allow us to maintain strict control over all aspects of the investment lifecycle.”
Marquis Investments is actively seeking value-add multifamily acquisition opportunities in the Southeast.Please contact Blair Schlossberg at (770) 391-1233 for more information.