(CHICAGO) December 18, 2014 – Waterton Associates LLC, a U.S. real estate investor and operator, has announced the acquisition of 2460 Peachtree Apartments, a 236-unit high-rise rental tower in Atlanta’s popular Buckhead neighborhood.
Formerly known as Bell Peachtree Battle, the community offers a mix of one- and two-bedroom apartments in a premier location along Peachtree Road, approximately one mile north of Piedmont Hospital and the Shepherd Center, two of the state’s top health centers, according to U.S. News & World Report. It is the seventh property acquired by Waterton in 2014, adding to the company’s existing multifamily portfolio in the Atlanta area, where Waterton owns and manages five other rental communities totaling more than 1,600 units.
Known for its value-add investment strategy, Waterton plans to update the community’s lobby and hallways and implement a unit renovation program that will standardize the level of finishes throughout the property. Once completed, residences at 2460 Peachtree will feature gourmet-style kitchens with granite countertops, cherry cabinets and stainless steel appliances; engineered hardwood flooring; and updated lighting and plumbing fixtures. Each apartment also includes an in-unit washer and dryer, as well as a private balcony or terrace.
“We are pleased to invest in such a well-located high-rise asset at a significant discount to current replacement costs,” said Max Peek, senior vice president, acquisitions, at Waterton Associates. “We believe the proposed renovation plan will transform the building and allow us to narrow the gap between us and the newer product located nearby in Buckhead and Midtown.”
Managed by Waterton Residential, Waterton’s wholly owned property management subsidiary, 2460 Peachtree continues Waterton’s commitment to excellence in customer service by providing on-site maintenance and 24-hour concierge services.
As part of the renovation, Waterton will also improve the community’s amenity spaces, which include a state-of-the-art fitness center and yoga studio; resort-style pool with sundeck and sauna; and outdoor meditation garden. Residents can also take advantage of the building’s fully equipped business center and clubroom, complete with a billiards table and coffee bar.
“The building’s amenities are a perfect complement to the surrounding neighborhood, with popular entertainment destinations like Phipps Plaza and Lenox Square Mall just a short drive away,” said Peek. “Residents can also walk to the nearby Publix Super Market and numerous shops and restaurants along Peachtree Road.”
The community is one mile northeast of Atlanta Memorial Park, a historic Civil War battleground that was transformed into a 200-acre park – the third largest in Atlanta. Slated for a multimillion-dollar redevelopment, the park offers walking paths and green spaces, and is home to the Bobby Jones Golf Course and Bitsy Grant Tennis Center.
2460 Peachtree also offers convenient access to jobs in Midtown and downtown Atlanta, home to the U.S. headquarters of The Coca-Cola Company, CNN and Georgia-Pacific, among other major employers.
For leasing information, call (866) 754-4279 or visit www.2460peachtree.com.
Waterton Associates LLC is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value-add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk-adjusted real estate investments located in major markets around the United States. Since its formation, the company has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. Waterton’s portfolio included more than $3.8 billion in assets as of September 30, including 20,000 multifamily units and 12 hotels. For more information, please visit www.watertonassociates.com.