KPREIT enters joint venture to acquire Atlanta multi-family

Kingston Properties Limited (KPREIT), through its wholly owned subsidiary, Kingston Properties Miami LLC, today entered into a partnership agreement with Apex Development Group LLC (Apex) and Treevita Holdings LLC (Treevita) to form Polaris at Camp Creek Partners LLC (Polaris) 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 USD15.5 million and was financed 75% by debt and 25% equity from the partners – with KPREIT owning just under 40% of the entity. The property will undergo phased improvements over the next two years to improve the tenant base in a market that has seen an average of 5% annual rent growth. This
acquisition marks KPREIT’s first acquisition 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.