235-unit luxury garden-style apartment community
The Preserve at Greison Trail
In July of 2023, a joint venture between Penler and Rubens Capital Partners acquired The Preserve at Greison Trail, a 235-unit luxury garden-style apartment community located in the Newnan submarket just 30 minutes south of downtown Atlanta.
The Preserve was developed in 2008 by local Atlanta-based developer Branch Properties. The property, which spans across 19 acres, is comprised of eight standalone residential buildings and a separate clubhouse offering a resident lounge, billiards room, fitness center and an expansive resort-style pool and outdoor kitchen. The property offers tenants a peaceful quiet suburban oasis with little noise from the nearby town and major Atlanta roadways.
The Preserve is located in Coweta County, which is one of the fastest growing counties in the Atlanta MSA. Since 2010, the county has increased in population by 23%. Coweta County blends a historic charm with diverse industries. The county’s strategic location provides easy access to the amenities of Atlanta, making it an attractive choice for residents seeking a quieter, more suburban lifestyle while remaining connected to urban resources. Coweta County serves as a major logistics hub for the entire MSA and broader Southeastern US due to its proximity to the Hartsfield-Jackson International Airport, as well as the I-85 and I-285 corridors.
Penler’s business plan includes new exterior paint and roofs throughout the property, a complete renovation of the 6,500 SF clubhouse and pool deck, as well as unit renovations including granite countertops in kitchens and bathrooms, new cabinet fronts, stainless steel appliances, kitchen backsplashes and new light fixtures. In total, Penler plans to invest over $6M of capital in these comprehensive improvements over the initial years of the contemplated 5yr investment horizon.