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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.