Marquis Investments Purchases Lake Tree Apartments
August 9, 2011 (Atlanta, GA). Marquis Investments announced today that it has acquired Lake Tree Apartments (now known as Marquis Pointe). Marquis Pointe, which was sold by SMR Property Investments, LLC, was purchased with an acquisition loan from Branch Bank & Trust Company (BB&T). The 276 unit complex is conveniently located in Stone Mountain, GA and includes spacious 1, 2 and 3 bedroom garden style apartments and 2, 3 and 4 bedroom townhome apartments. Marquis Pointe amenities include a pool area with a sundeck, playgrounds, a two lakes and a convenient access to nearby Stone Mountain Park.
The property will be managed by Star Residential. With the addition of Marquis Pointe, Marquis Investments now controls over 1,300 units in the Atlanta metropolitan area.
Blair Schlossberg, a Managing Member of Marquis Investments, commented, “Marquis Pointe is an excellent acquisition for our company and investors. Once stabilized, we expect to see significant operating leverage and appreciation as we apply our ‘3R’ strategy — Recapitalize, Renovate and Reposition. We will quickly begin to make capital improvements to this property. I expect that we can quickly stabilize the property and generate significantly increased cash flow.”
Marquis Investments bought this property with a combination of cash and bank debt. Schlossberg added, “Marquis Pointe is a property that fits right within our strategy: we look for unstabilized properties that performed well but, due to the market downturn, have recently underperformed. 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.”