Chicago, IL – November 29, 2012 – Waterton Associates L.L.C. (“Waterton”) is pleased to announce the recent acquisition of Two Blocks Apartments, a 400-unit community located in Atlanta, GA. Two Blocks is the seventh asset purchased by Waterton this year.
Constructed in 2008 by Pollock Shores Real Estate Group, the development features 5 mid-rise buildings, 2 mid-rise parking decks, and includes 400 apartments consisting of one and two bedroom garden and loft style units. The property, located in the Chamblee Dunwoody area of Atlanta, offers close proximity to 1-285, GA 400, I75 and I85. The property’s location to major roadways provides residents convenient access to virtually all of metro Atlanta’s major employment centers including the Perimeter area, home of the largest concentration of medical space in the metro Atlanta. St. Joseph’s, Children’s Scottish Rite, and Northside Hospitals are all within minutes of the property.
Max Peek, Senior VP of Acquisitions, noted, “Waterton is pleased with the acquisition of Two Blocks Apartments and we are excited to add another community to our growing Atlanta portfolio. The community is a well-located, well-built asset that offers tremendous value to our customers.”
In addition to the employment drivers, residents have access to major retail amenities in the area such as Perimeter Mall, a 1.5 million square foot shopping center anchored by high end retailers such as Nordstrom’s, Macy’s, and Dillard’s, just one mile west of the property. The mall serves as the anchor to the 28 million square foot Perimeter office market, the largest office submarket in Atlanta, a major hub for Fortune 500 company headquarters including UPS, Newell Rubbermaid, and Cox Communications. Two Blocks is eight miles east of the Cumberland/Galleria office market, six miles north of the Buckhead office market, and ten miles north of the midtown and downtown office markets. Residents enjoy a host of amenities and features including a two story clubhouse with billiards room, media room, internet café, and conference room, fitness center, swimming pool, and relaxing Zen garden. Unit features include full sized washers and dryers, Stainless steel appliances, designer finishes, 9 foot ceilings, and private patio or balcony.
Waterton closed the Two Block Apartments transaction October 26, 2012.
Waterton Associates L.L.C. (“Waterton”) 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. As of June 30, 2014, Waterton’s portfolio included over $3.7 billion in assets including approximately 20,000 multifamily units and 11 hotels. For more information, please visit www.WatertonAssociates.com.