Atlanta apartments snagged in TIC deal

Extensive, costly renovation planned

Beverly Hills-based ExchangePoint Properties LLC today announced the completion of a TIC transaction for Cameron Brook Apartments, a 440-unit apartment complex in Atlanta, Ga. Within five months of acquiring the property for $26.2 million, ExchangePoint completed the sale of the apartment complex to 35 TIC investors. A $3 million renovation program is planned for the property, which is located at 4659 Dawson Blvd. ExchangePoint plans to complete extensive interior and common-area upgrades, which will allow the complex to compete with newer class 'A' apartments in the area. The Cameron Brook Apartments complex was built in 1986 and has a variety of one-, two- and three-bedroom units. Amenities at the complex include a club house, fitness center, two tennis courts, pool area and playground. *** What's your opinion? Leave your comments below or send a letter to the editor. ...

Comments