Jamaican real estate investment company Kingston Properties Limited (KPREIT) has acquired a 155-unit multi-family property located at 2800 Camp Creek Parkway in Atlanta, Georgia.

The acquisition was executed through KPREIT’s wholly owned subsidiary, Kingston Properties Miami LLC. The company announced that today it entered into a partnership agreement with Apex Development Group LLC (Apex) and Treevita Holdings LLC (Treevita) to form Polaris at Camp Creek Partners LLC (Polaris) for the acquisition of the 155-unit multi-family property in Atlanta.

The property is a value-add opportunity that was acquired for a consideration of US$15.5 million and was financed 75 per cent by debt and 25 per cent equity from the partners with KPREIT owning just under 40 per cent of the entity. The property will undergo phased improvements over the next two years to improve the tenant base in a market that has seen an average of five per cent annual rent growth.

KPREIT’s first acquisition in the state of Georgia

This acquisition marks KPREIT’s first acquisition in the State of Georgia and the first in a series of acquisitions slated to be made with both Apex and Treevita in various targeted US states. KPREIT currently has real estate assets in Jamaica, the United States, and The Cayman Islands.

Its real estate property portfolio has been growing two and a half times over the last five years. Investment properties were valued at US$15.03 million in 2016 and grew to US$38.13 million in 2020. Jamaica holds 48 per cent of the properties held while The Cayman Islands and the US hold 42 per cent and 10 per cent, respectively.

The largest properties are The Harbour Centre located in the Cayman Island, Red Hills Road Commercial Complex and the Grenada Crescent office Building both located in Jamaica. As at the end of 2020, Kingston Properties property occupancy was 51 per cent from Jamaica, 41 per cent from The Cayman Islands, and eight per cent from the US.

Of the total occupancy, four per cent is retail, 10 per cent residential, 36 per cent warehouse & industry and 50 per cent are offices, with the largest income earned from office space of $19.67 million, followed by warehouse and industry earning $14.19 million.

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