Ascentris and Atlanta-based multifamily investor PENLER have acquired 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 growi
