Marquis Investments Purchases Stonebridge Apartments
Posted on June 14, 2012
June 14, 2012 (Atlanta, GA). Marquis Investments announced today that it has acquired Stonebridge Apartments (now known as Marquis Bridge). Marquis Bridge, which was sold by Blue Valley Apartments, Inc., was purchased with cash and bank debt from CMFG Life Insurance Company. This property is located on N. Hairston Road in Stone Mountain, GA within minutes of Highway 78, I-285, and I-85. The 240 unit complex is made up entirely of 2 bedroom apartments with a mix of different floor plans. This is one of the most attractive communities in the immediate submarket, equipped with a swimming pool and sun deck, private balconies and patios, ceiling fans, sunrooms, and nature hearth fireplaces in some units. The property is one mile from Memorial Drive, which provides a wide array of retail offerings.
The property will be managed by Star Residential. With the addition of Marquis Bridge, Marquis Investments now controls nearly 3,500 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 Bridge is a great addition to our portfolio. This property is in excellent condition and has historically had very strong occupancy. Our experience with this sub-market in Atlanta has been excellent, with terrific performance from Marquis Chase and Marquis Pointe. With a moderate renovation and application of our ‘3R’ Strategy — Recapitalize, Renovate and Reposition, I expect that we can quickly improve 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.