Acquires 45% stake in multi-family property in East Point, Atlanta, Georgia
Jamaica-based Caribbean real estate development company, Kingston Properties Limited, which trades under the name KPREIT, has entered into a second partnership with Apex Development Group LLC (Apex) out of the United States.
Through its wholly owned subsidiary, Kingston Properties Miami LLC has partnered with Apex Development Group to form Polaris at East Point Partners LLC, which on July 13 closed on the acquisition of a 118-unit multi-family property. The property is located in East Point, Atlanta, Georgia.
The property is a value-add opportunity that was acquired for a consideration of US$12.7 million and was financed by debt and equity from the partners with KPREIT owning a stake of approximately 45 per cent.
Second partnership with Apex
This is KPREIT’s second partnership with Apex Development Group as in July 2021, the two companies entered into a joint venture to acquire a multi-family property in Atlanta. This acquisition was also executed by KPREIT through its wholly owned subsidiary, Kingston Properties Miami LLC.
The partnership agreement with Apex Development Group and Treevita Holdings LLC formed Polaris at Camp Creek Partners LLC for the acquisition of a 155-unit multi-family property located at 2800 Camp Creek Parkway in Atlanta, Georgia.
The property is a value-add opportunity that was acquired for a consideration of US$15.5 million and was financed 75 per cent by debt and 25 per cent equity from the partners – with KPREIT owning just under 40 per cent of the entity.
The property is undergoing a phased renovation to improve the tenant base in a market that has seen an average of five per cent annual rent growth. The renovation is entering its second year of a two-year deadline.
This acquisition marked KPREIT’s first real estate purchase in the State of Georgia and the first in a series of acquisitions slated to be made with both Apex and Treevita in various targeted US states.