PrivCap Holdings, in partnership with New York based Code Capital, acquired Oak Tree Village -1,045 residential apartments in Decatur, GA. The acquisition is PrivCap's first in the Atlanta market as it continues the growth of its multifamily portfolio.
The partnership plans to infuse nearly $3mil in capital improvements to the property starting with the renovation of 57 down units. "We really like this market and are truly excited about this property", commented PrivCap VP of Acquisitions, Mark Zeidman. "The size of the property enables us to have immediate economies of scale and sets the foundation for future growth there. The inherent upside on the operating side coupled with the growth of the surrounding area made this a compelling investment."