Thursday, June 12, 2008

ExchangePoint Properties Completes TIC Transaction for Major Atlanta Multifamily Complex

BUSINESS WIRE --Beverly Hills-based ExchangePoint Properties, LLC, a leading real estate investment company and sponsor of tenant-in-common (TIC) investments, announced today the completion of a TIC transaction for Cameron Brook Apartments, a 440-unit apartment complex located at 4659 Dawson Boulevard 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.

Atlanta is a strong market with an expanding economy and growing demographics, that combined offer us tremendous opportunities for the acquisition of multifamily value-added properties, said Evan Farahnik, principal of ExchangePoint Properties, LLC. Cameron Brook provided investors with a unique opportunity to invest in an exceptional asset with strong upside potential.

A $3 million renovation program is planned for the property. 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 Apartment 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.

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