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Atlanta & Southeast  + Apartments  |  January 29, 2020
David Cohen
By: David Cohen

RangeWater Acquires Beltline Apartment Complex for $60M

Atlanta-based RangeWater Real Estate has acquired Virginia Highland Apartments, a 270-unit apartment complex in Atlanta, for $60.2 million. The seller was an affiliate of TA Realty. New York Life provided a $45 million acquisition loan to RangeWater as part of the transaction.

Built in 1988, the complex is connected to the Beltline’s Eastside Trail and is nearby Piedmont Park. RangeWater plans to make upgrades to the complex. Currently, the average rent is $1,525 per month, which is much less than many of the newer apartment projects surrounding it.

The Eastside Trail corridor is home to some of Atlanta’s most valuable real estate, and has become a destination for major multifamily investors and developers. Rent in the area fetches up to $4,400 per month for some three-bedroom units.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

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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