Kingston Properties Limited (KPREIT), through its wholly owned subsidiary, Kingston Properties Miami LLC, entered into another partnership agreement with Apex Development Group LLC (Apex) and has formed Polaris at East Point Partners LLC (Polaris EP). On July 13, Polaris EP closed on the acquisition of a 118-unit multi-family property located in East Point, Atlanta, Georgia. The property is a value-add opportunity that was acquired for a consideration of USD12.7 million and was financed by debt and equity from the partners – with KPREIT owning a stake of approximately 45%. The property will undergo phased improvements over the next two years to improve the tenant base in a market that continues to see average annual rent growth of approximately 7.5% for apartment units. This acquisition marks KPREIT’s second acquisition in the State of Georgia and brings the number of units held by the partnership to 273 or one quarter of the goal of 1,000 units by 2024. Read more
Source: JSE
