Blue Lake Capital Snags Marietta Apartment Community for $80M
Blue Lake Capital has acquired Element 41, a 494-unit multifamily property in the Atlanta suburb of Marietta. The sales price was $80 million. The property was acquired in partnership with Vive Funds LLC.
Element 41 is located at 991 Wylie Rd. The property offers a community amenity package that includes outdoor gyms, game courts, trails, barbecue areas, seating areas, two dog parks and a soccer field.
Blue Lake Capital, has achieved up to 28% rent growth throughout COVID for its other Atlanta based properties. Rent growth in the Marietta submarket over the past 12 months was more than 5%. The seller was not disclosed.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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