US private equity real estate firm Ascentris has invested an unspecified sum to acquire the 298-unit Reserve Decatur apartment complex in Decatur, Georgia near Atlanta.
The acquisition is the first deal for a joint venture between Ascentris and US multifamily real estate investor Penler.
The apartment complex, built in 2016, was 93% occupied at the time of acquisition. The joint venture plans to upgrade the common areas and units to further enhance the property’s value.
Dylan Drescher, VP at Ascentris, said: “We are excited to partner with Penler on this acquisition, who possesses an intimate knowledge of the Atlanta and Decatur submarket. We look forward to working alongside them to improve the property and provide an enhanced living experience for our residents.”
Ascentris and Penler have been exploring investment opportunities together for the past 18 months. Their partnership operates on a deal-by-deal basis, with no predetermined capital allocation.
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