Ascentris and Penler Acquire Multifamily Building in Decatur, GA
Denver, Colorado (August 19, 2024) – Ascentris and Atlanta-based multifamily investor, PENLER, are pleased to announce the acquisition of Reserve Decatur, a 2016 vintage, 298-unit, five and six-story, Class A multifamily property in Decatur, GA. The acquisition, which closed in August, marks the first joint venture for Ascentris and PENLER. The joint venture’s business plan includes common area and unit upgrades to further enhance the Property’s positioning within the submarket.
Located immediately north of downtown Decatur, Reserve Decatur provides residents immediate proximity to grocers, shopping, and dining destinations as well as convenient access to employers including Emory University and its affiliated medical campuses, the Centers for Disease Control and Prevention, and the Atlanta VA Medical Center. The Property’s on-site amenities include a saltwater pool with cabanas and gas grills, fitness center, double-height clubhouse, cybercafé, and a rooftop terrace.
“PENLER is thrilled to add this property to our growing portfolio of institutional-quality assets while forging a new partnership with the seasoned and talented Ascentris team to create lasting value in the Decatur market,” said PENLER Managing Partner, Graham Carpenter.
Ascentris Vice President, Dylan Drescher, added, “We are excited to partner on this acquisition with PENLER, who possesses an intimate knowledge of Atlanta and the Decatur submarket; we look forward to working alongside them to improve the property and provide an enhanced living experience for our residents.”
RAM Partners, which manages over 70K apartment units across the United States, will provide property management services.
About PENLER
PENLER is a vertically integrated operating platform with three distinct business lines: development, acquisitions, and asset management. With an exclusive focus on multifamily, PENLER seeks opportunities to create value by building and repositioning assets in strategic locations. PENLER’s principals have over 30 years of combined real estate investment and development experience including multifamily transactions totaling more than 28,000 units and over $5.2 billion in value. For more information, visit PENLER.com.
About Ascentris
Ascentris is a real estate private equity firm based in Denver, Colorado that manages a series of fully discretionary institutional vehicles targeting both value-add and core investments across the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure for the purposes of getting its investors to opportunities ahead of the market and providing an unmatched level of service, transparency, and accountability. Ascentris is a privately held and management-owned SEC-registered[1] investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at Ascentris.com.
[1] Being a registered Investment Advisor with the SEC does not imply any level of skill or training.