Marquis Investments Sells Southern Woods and Refinances Marquis Glen Apartments
Posted on October 11, 2011
October 12, 2011 (Atlanta, GA). Marquis Investments announced today that it has completed two transactions – Southern Woods apartments, located in Tucker, GA (Gwinnett County), has been sold to an offshore investor, and Marquis Glen Apartments, located in Tucker, GA (Dekalb County) has been refinanced with permanent financing. Southern Woods was purchased in March 2010 and Marquis Glen was purchased in November 2010 from the FDIC. The properties were renovated and managed by Marquis’ management company, Star Residential.
Blair Schlossberg, a Managing Member of Marquis commented, “We are very happy to complete these transactions and deliver excellent returns to our investors that both exceeded their expectations and were delivered ahead of schedule. Marquis’ plan is to buy B&C class multifamily properties from special servicers and lenders and execute our “3R Strategy” — Recapitalize, Renovate and Reposition the asset. Star completed the renovations ahead of schedule with a modest budget and has done an excellent job of increasing occupancy and revenues. This sale and refinance validates our 3R strategy.”
Southern Woods was held for 18 months and sold to an offshore investor for $3.1m. Bentley Capital was engaged to explore a potential sale or refinance of Southern Woods, and quickly sourced a buyer who offered an all cash transaction and quick closing. Marquis Glen has been owned for 11 months and was quickly stabilized under the management of Star Residential. This property was refinanced with a $3.3m 10 year loan from Mutual of Omaha that was arranged by Grandbridge Real Estate Capital LLC. Schlossberg added, “Bentley Capital is a great source of capital for Marquis, with terrific contacts who are serious about investing in distressed real estate.
Marquis Investments is actively seeking value-add multifamily acquisition opportunities in the Southeast. Please contact Blair Schlossberg at (770) 391-1233 for more information.