Home Invest recently acquired East Ponce Village, a 997-unit multifamily community in Stone Mountain, for $73 million.  

The Palm Beach Gardens, Florida-based investment firm said the asset is valued at $122 million, adding that while its bid was not the highest, the seller selected their offer because of “the firm’s certainty of close and its track record of rescuing distressed properties.” 

East Ponce Village was built in 1987 and is located at 1310 Wood Bend Dr. Its acquisition was the largest in Home Invest’s 12-year history and represents the beginning of a full-scale repositioning of the community. 

“Closing a community this size takes trust on both sides,” Home Invest President Nate Armstrong said. “The seller chose us because we have proven we can take a struggling property and turn it around. This one was never distressed because of the market or the building. It was distressed because of management, and that’s what our team specializes in.” 

Home Invest took over day-to-day operations of the property before the deal closed, which gave it a “running start” on the revitalization. As of closing, the investment firm had already restored community amenities, which include two swimming pools, a fitness center and clubhouse, and hired property management and maintenance staff.  

Home Invest also began renovating and re-leasing units, which have been rented as soon as they were put back on the market. There’s also a growing waitlist of prospective residents, the firm said. 

“For us, this was never only about the numbers,” CEO Chris Lavin said. “It’s about the families living here that were let down. Bringing the community back to what it should be, for the residents and for everyone who invested in it, is what matters most. It’s why we started early and have been on-site improving every facet of the operation.”  

CEO Chris Lavin addresses the East Ponce Village staff as the firm assumes operations. Via Home Invest.