Denver, Colorado (August 19, 2024)
Ascentris and Atlanta-based multifamily investor PENLER announced the acquisition of Reserve Decatur, a 298-unit Class A multifamily property located in Decatur, Georgia.
Built in 2016, the property consists of five- and six-story residential buildings. The acquisition closed in August 2024 and represents the first joint venture between Ascentris and PENLER.
The partnership plans to implement a value-add strategy that includes:
- Common-area upgrades
- Unit renovations
These improvements are intended to enhance the property’s positioning within the Decatur submarket.
Located immediately north of downtown Decatur, the property offers residents convenient access to grocery stores, shopping, and dining destinations. The location also provides proximity to major employers including:
- Emory University and its affiliated medical campuses
- Centers for Disease Control and Prevention (CDC)
- Atlanta VA Medical Center
On-site amenities include:
- Saltwater pool with cabanas and gas grills
- Fitness center
- Double-height clubhouse
- Cybercafé
- 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 Graham Carpenter, Managing Partner at PENLER.
“We are excited to partner with PENLER on this acquisition,” added Dylan Drescher, Vice President at Ascentris. “Their intimate knowledge of Atlanta and the Decatur submarket will be valuable as we work together to improve the property and enhance the resident experience.”
RAM Partners, which manages more than 70,000 apartment units across the United States, will provide property management services for the property.
About PENLER
PENLER is a vertically integrated real estate platform with three core business lines:
- Development
- Acquisitions
- Asset management
The firm focuses exclusively on multifamily real estate, pursuing opportunities to build and reposition properties in strategic locations.
PENLER’s principals bring more than 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.
More information is available at 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 major property types and geographic regions throughout the United States.
Since 2003, the firm’s management team has followed an investment philosophy designed to provide investors access to opportunities ahead of the market while delivering a high level of service, transparency, and accountability.
Ascentris is a privately held and management-owned SEC-registered investment adviser committed to putting investors’ needs first. Additional information is available at Ascentris.com.
Note: Being a registered investment adviser with the SEC does not imply any specific level of skill or training.
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