Courtesy of Waterstone.
Blue Lake Capital and Vive Funds acquired the 296-unit Waterstone apartment complex in Buford on Nov. 24 for an undisclosed amount.
The Gwinnett County property, located at 1851 Satellite Blvd., is a 2011 institutional-quality asset that enjoys an exceptional location, great amenity package and an interior renovation opportunity, Blue Lake and Vive Funds said in a press release.
The acquirers purchased the asset through the joint-led REV Fund, a $100 million multifamily value-add fund established in May. The investors plan to renovate the unit interiors to better compete with nearby properties, increase rents and add new amenities.
“When you recognize a classic value-add opportunity, such as there is with an asset like Waterstone, and you underwrite to the worst-case scenario, and the deal still works, you know it’s a solid deal,” Blue Lake CEO Ellie Perlman said.
The property, which is significantly under-market in rents, newer and larger than nearby multifamily properties, jibes with Blue Lake’s core value-add strategy, according to the release. The acquisition brings Blue Lake’s assets under management to $619 million.
In announcing the deal, Blue Lake said it bases much of its strategy on machine learning and artificial intelligence throughout the course of all acquisitions and asset management.
Courtesy of Waterstone.