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Blue Lake Capital Acquires $81M, 296-Unit Multifamily in Atlanta Metro
Blue Lake Capital has acquired Waterstone, a 296-unit multifamily in the Atlanta submarket of Buford, GA. The property was bought in conjunction with Vive Funds; the partnership was formed to spearhead the acquisition via REV Fund, a $100-million multifamily value-add fund established in May 2021.
The partnership identified the 2011-constructed property as an institutional quality asset significantly under market in rents in addition to newer and larger than nearby multifamily properties. It plans is to renovate interiors and add new amenities while increasing rents.
“When you recognize a classic value-add opportunity, such as there is with an asset like Waterstone, and you underwrite to the worst-case scenario and the deal still works, you know it’s a solid deal,” stated Blue Lake Capital CEO Ellie Perlman.
This Waterstone acquisition brings the Blue Lake Capital portfolio $619 million in assets under management throughout the Northeast US markets, with a focus on FL, GA and TX.
- ◦Sale/Acquisition
