Marquis Investments Purchases Highland Cove Apartments from Regions Bank
Posted on April 5, 2011
April 5, 2011 (Atlanta, GA). Today Marquis Investments announced that it acquired Highland Cove apartments, a 201 unit complex located in College Park, GA on March 31, 2011. Highland Cove includes spacious one/two bedroom garden style apartments and two bedroom townhome apartments with private patios. Highland Cove amenities include a pool, playground, sundeck, sports courts, and is conveniently located near public transit.
Highland Cove will undergo a significant renovation to return the property to a high performing asset capable of qualifying for permanent financing within a short period of time. The property will be managed by Star Residential. With the acquisition of Highland Cove, Marquis now owns over 1,000 apartment units within the Atlanta MSA.
Moshe Manoah, a Managing Member of Marquis Investments, commented, “Highland Cove is a property with great upside potential. Under our management and capital infusion, we expect to stabilize the property within 12 months. Once stabilized, we expect to see significant operating leverage and appreciation as we apply our ‘3R’ strategy –Recapitalize, Renovate and Reposition.” Marquis bought this property with a combination of cash and bank debt.
Manoah added, “Highland Cove is a property that fits right within our strategy: we look for unstabilized properties that performed well but that due to the downturn in the market, were taken back by the bank and underperformed. Our unmatched combination of acquisition, renovation and management expertise, all delivered by our company without third party managers, will allow us to maintain strict control over all aspects of the investment lifecycle.”