Waterton More Than Triples Metro Atlanta Multifamily Holdings

By November 6, 2020September 8th, 20212020, November
Atlanta Portfolio Acquisitions

Waterton More Than Triples Metro Atlanta Multifamily Holdings with 1,824-unit, Four Property Acquisition

(November 6, 2020 – Atlanta GA) – Waterton, a national real estate investor and operator, today announced it has acquired a four-property multifamily portfolio comprising 1,824 units with properties located Alpharetta, GA, Roswell, GA, Norcross, GA, and Atlanta, GA. The acquisition more than triples Waterton’s current presence in the metro Atlanta market bringing its total number of units under management there to approximately 2,400. Built between 1989 and 2001, all four assets are located along Atlanta’s northern arc, straddling either GA-400 or I-85 and are in sought-after locations.

“Atlanta is a solid 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 United States.”

The four properties in the portfolio are as follows:

Deerfield Village (13085 Morris Rd, Alpharetta, GA) – 554 units; located in Alpharetta with immediate access to GA-400 via Windward Parkway or McFarland Parkway 29 miles northeast of downtown Atlanta. The property is convenient to roughly 28 million square feet of office space, including over 600 technology companies and minutes from shopping and entertainment destinations such as Avalon, Big Creek Greenway, Verizon Amphitheater and North Pointe Mall.

Roswell Village (100 Hemingway Ln, Roswell, GA) – 668 units; located off the highly trafficked Holcomb Bridge Road and less than 1/2 –mile from GA-400, the property provides convenient access to two of Atlanta’s premier job centers, Alpharetta to the north and Perimeter Center to the south.

Gwinnett Pointe (1300 Beaver Ruin Rd, Norcross, GA) – 382 units; located off of I-85 via Beaver Ruin Road, the property offers convenient access to Atlanta’s most concentrated and growing center for industrial activity fueled by e-commerce and large regional distribution centers.

Briarcliff Apartments (7000 Briarcliff Gables Cir NE, Atlanta, GA) – 220 units; located off of I-85 near the intersection of North Druid Hills Road and Briarcliff Road, the property sits directly adjacent to the new Children’s Healthcare of Atlanta Brookhaven medical campus. Recently named The Arthur M. Blank Hospital, the $1.5 billion development will ultimately, upon completion, include two 19-story towers and nearly 500 hospital beds.

While the assets in the portfolio have been well-maintained, each property will benefit from Waterton’s signature value-add program with unit upgrades to meet the demand of the market. Waterton will also implement comprehensive amenity space, common area and outdoor improvements across the portfolio.

“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 Yardi Matrix, Atlanta’s unemployment rate dipped to a low of 3.2% in January served by its robust business environment, education, health care and leisure industries. The unemployment rate subsequently peaked at 12.7% in April, but has shown signs of healthy recovery and declined to 6.7% as of September – 120 basis points below the national average for the same period.

“Atlanta is a resilient and robust market in terms of its employment base,” said Masinter. “Favorable economic and demographic fundamentals should continue to bolster demand through a recovery especially for affordable, low density suburban product such as these assets.”

About Waterton:

Waterton is a real estate investment and property management company with a focus on U.S. multifamily, senior living and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of June 30, 2020, Waterton’s portfolio includes approximately $6.0 billion in real estate assets. Visit Waterton’s website: www.waterton.com.