Cynergy Property Management Orlando
Cynergy Property Management Orlando – An affiliate of Miami-based Bayshore Investment Partners LLC purchased the second phase of the 175-unit Elevation 3505. Bayshore Investment paid $24.8 million for the East Point project, or $142,000 per unit.
The seller is Landmark CG (Phase 2) LLC, an affiliate of Atlanta-based Stonemark Management LLC. Bayshore Investment Partners redeveloped the Redwine Creek Apartments property, said Jose Tello, principal and general partner at Bayshore Investment. It will be managed by Cynergy Property Management LLC.
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Redwine Creek Apartments, at 3505 Redwine Road, is on 15 acres along Interstate 285. It is also adjacent to the 800,000-square-foot Camp Creek Marketplace retail center. The apartments are four miles from Hartsfield-Jackson Atlanta International Airport.
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The first phase of Elevation 3505 was built in 2006 and has 317 units. The current owner plans to sell this year, and Bayshore Investment will consider taking it over, Tello said. “It makes sense from an efficiency standpoint,” he said. Bayshore Investment wants to expand into the Southeast market including Atlanta and Raleigh-Durham, Tello said. It targeted Atlanta for its growth, deal flow and “dynamic” employment hub, he added. “This is the next market that makes sense for us,” Tello said.
Bayshore Investment aims to acquire up to five properties and 1,000 units in Atlanta over the next three years, he said. It will also continue to seek acquisitions in Florida, where the company already has a 1,500-unit portfolio primarily in Orlando and Tampa.
In Atlanta, the company is most focused on the “martini glass” corridor between Interstates 75 and 85 for the area’s continued demand, rising rents and population growth, Tello said. Bayshore Investment is a cash-flow, long-term investor. It liked Elevation Phase 2 because 75% of its units were refurbished by the previous owner, a value-add investor, Tello said. It will update the remaining 25% of Phase 2 units with new appliances, countertops, vinyl flooring and lighting fixtures as tenancy transitions organically.
East Point could be a good location for Bayshore Investment because of the area’s growth over the past 10 to 15 years. It’s 15 minutes from the airport, it has the amenities of Camp Creek Marketplace, and airport employees from various airlines work in the area, Tello said. South Atlanta is also more affordable than the corridor between I-285 and 75.
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Bayshore Investment wants to do another deal with East Point, Tello said. It is also interested in properties in Atlanta’s northern suburbs in cities such as Marietta and Alpharetta. Tello noted the presence of more Fortune 500 companies in the north side of Atlanta. “We want to grow in other interesting markets (in) south Atlanta, however, they probably won’t be as tight as other North Atlanta submarkets like Marietta or Alpharetta. We’ve looked at Stockbridge and Jonesboro but we’ll need a premium on cap rate terms because those markets are not as strict compared to other submarkets in North Atlanta, » said Tello.
Nat Scarmazzi, Brian Gaswirth, and Jesse Wright of HFF Miami assisted BIP with funding. Bayshore Investment is represented by Chad Freedman of Ballaga, Freeman & Atkins LLP. Shea Campbell and Keith Geiger of CBRE represented the seller in the transaction.
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