A 997-unit apartment community in Stone Mountain has changed hands for $70.7 million, with the new owner moving in to overhaul management before the ink was even dry on the deal. East Ponce Village, a sprawling 100-acre complex about 20 miles east of Atlanta, was purchased by Palm Beach Gardens, Florida-based Home Invest from seller Adams Investor Group, according to a press release the buyer issued Tuesday.
The sale price works out to roughly $72,364 per unit and was backed by $70.3 million in Fannie Mae financing maturing in 2031, according to Traded, which also reported the deal was brokered by Berkadia. Those financial terms were not disclosed by REBusinessOnline, which first reported the acquisition but noted that neither the seller’s identity nor the sale price were disclosed in the original announcement.
Home Invest’s own release, distributed through PR Newswire, filled in more of the picture: the firm said Adams Investor Group actually had a higher competing offer on the table from another buyer but chose Home Invest anyway because of its track record turning around distressed properties and its certainty of closing. Adams Investor Group is a Pennsylvania-based real estate firm led by Brian Adams. This isn’t Adams’ first time around with the property — Berkadia reported in 2021 that Adams Investor Group bought the complex, then known as 13Ten, for $75 million, meaning it resold five years later for more than $4 million less than it paid.
Management Failures, Not the Building, Blamed for Distress
East Ponce Village sits at 1310 Wood Bend Drive and was built in 1986 and 1987 across 72 buildings, according to property records cited by RentCafe. The complex includes a clubhouse, a fitness center, two pools, racquetball and tennis courts, and a dog park, making it one of the largest garden-style developments in the area…