NEW YORK, December 22, 2020 (Newswire.com) - DXE Properties, Acuity Partners, and JSR Development are pleased to announce the acquisition of Vinings Apartments in Atlanta GA. Acquired as a Tenancy in Common, Vinings Apartments is a 106-unit value add property built in 1985 and located in Cobb County, Atlanta. Josh Eitingon, Managing Member of DXE Properties, said, “We were able to acquire this property at an attractive basis given the vintage and prime location of the property. Its proximity to major employers and the continued area development offer both safety and upside. At a time of increased uncertainty and inflated pricing, we were fortunate to have secured this asset off-market in this competitive environment. We believe in Atlanta as a long-term investment market with its robust job growth and compelling demographic trends.” Joshua Gelb, Principal of JSR Development, said, “This is our second venture with DXE, and we could not be more excited to acquire this incredible property in such a compelling location”.
The property will be rebranded SOCO Apartments and will receive over $1.3 million in property renovations to drive a robust value-add strategy.
DXE Properties, in conjunction with Acuity Partners and JSR Development, have invested over $6.8 million in equity into the deal. Bob Spiegel, CEO of Acuity Partners said, “We are happy to be partnering with DXE on the acquisition of this attractive asset.”
Vinings Apartments’ debt was secured via loan assumption. The Fannie Mae loan was originated and is serviced by Greystone. The transaction was brokered by Matt White of Berkadia.
About DXE Properties. DXE Properties is a value-oriented boutique real estate investment firm founded by Josh Eitingon and Donato Settanni. Its strength lies in the founders’ unique backgrounds, resulting in an entrepreneurial and institutional investment strategy. DXE Properties uses a data-driven approach, combining meticulous research with extensive knowledge to find winning projects in all phases of the economic cycle.
About Acuity Partners. Acuity Partners is a boutique investment firm that provides access to proprietary investment opportunities in commercial real estate. Our team has been stewarding investments for wealthy individuals and families for over 30 years. As a private equity real estate firm, our goal is to help investors build long-term wealth and passive income streams through a diversified offering of value-add multifamily properties. Acuity Partners' current focus is on multifamily investment properties of 200 units or more. We prefer value-add and workforce housing in the Southeastern and Midwestern regions. We partner with other experienced sponsors and have invested in over 2,000 units that are valued at over $200 million.
About JSR Development. JSR development is a boutique real estate investment and development firm founded by Joshua Gelb. Engaged in the acquisition, development, management and disposition of multifamily and luxury single-family properties.
Source: JSR Development