New York-based Atlas Real Estate Partners in a partnership with DC-based West End Capital Group, are pleased to announce that it closed on Match Point Apartments, a 258 unit apartment community located in the Westover Hills submarket of Richmond, VA.
The acquisition is the JV’s 7th since its formation in 2013. The purchase was financed with a 10-year floating-rate Freddie Mac loan originated by Berkadia. Atlas/West End have rebranded the property as ‘The Residences of Westover Hills’ and intend to implement a substantial value-add renovation program to improve the property over the next 24-months. Atlas/West End have engaged BH Management as the property management firm. BH Management manages over 60,000 apartment units nationwide, including four communities in Richmond, VA.
“This acquisition was an excellent transaction for Atlas, West End, and its investors in that it perfectly fits our investment strategy of buying properties that generate strong cash-on-cash returns, at a significant discount to replacement cost, and that offer immediate opportunities to add value at the property level,” said Arvind Chary Managing Principal at Atlas. “We are also optimistic about the submarket’s growth prospects in the future and through our renovation program, we hope to create a vibrant, affordable community for our residents and look forward to providing them with best-in-class customer service and management.” The JV will continue to target value-add multifamily, office, and retail assets throughout the Mid-Atlantic and is looking to grow the platform substantially in 2015.
