Waterton has acquired a four-property multifamily portfolio with 1,824 units in the Atlanta metro area. This acquisition more than triples the national real estate investor and operator’s presence in the metro Atlanta market, bringing its total number of units under management to approximately 2,400.
“Atlanta is a sold market for growth potential with strong demand for quality multifamily housing,” said David Schwartz, CEO, chairman, and co-founder of Waterton. “This portfolio represents an excellent opportunity to complement our growing national footprint as we celebrate 25 years of providing great places to live across the U.S.”
Built between 1989 and 2001, the four communities are located along Atlanta’s northern arc.
The properties include the 554-unit Deerfield Village in Alpharetta; Roswell Village, a 668-unit community in Roswell; the 382-unit Gwinnett Pointe in Norcross; and Briarcliff Apartments, a 220-unit community in Atlanta.
“The assets are well located within their respective submarkets,” said Matt Masinter, senior vice president, acquisitions, at Waterton. “Each property is convenient to key transportation nodes as well as cultural, retail, and entertainment-based amenities and nearby employment centers.”
According to Waterton, while the assets have been well maintained, they will benefit from the firm’s signature value-add program with unit upgrades to meet the demand of the market. Waterton also will add comprehensive amenity space, common area, and outdoor improvements across the four properties.
In addition to the Atlanta portfolio acquisition, Waterton continued to expand its footprint by making its first acquisition in the Greater Boston metro area.
The firm acquired Rosemont Square at 2 Chestnut West in Randolph. The 503-unit community is comprised of 20 three- and four-story buildings and was built in phases between 1982 and 2012. Just 10 miles south of downtown Boston, Rosemont Square is located within a 481-unit master-planned community with a variety of indoor and outdoor amenities.
“We have been watching the Boston market closely for some time and were attracted to the value-add potential, complexity, and size of Rosemont Square,” said Masinter. “Keeping in mind the unique and historic nature of the property, we’ll implement our signature value-add program, including the in-unit upgrades and amenity enhancements to bring the community in line with competing product in the market.”
The value-add program will include upgrading select unit interiors as well as hallways and common areas with modern finishes. Community amenities will be updated with new furniture and fixtures while mechanical, security, and landscaping upgrades will add modern functionality and improved aesthetics.
