Blue Lake Capital has acquired Waterstone, a 296-unit multifamily property in Buford, Ga., for $81.25 million.
The property was bought in partnership with Vive Funds, which acquired the asset via REV Fund, a joint-led $100 million multifamily value-add fund established in May 2021.
The business plan is to renovate the unit interiors in order to better compete with nearby properties, while increasing rents, as well as adding 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,” stated CEO Ellie Perlman.
The property, which was identified to be significantly under market in rents, newer, and larger than nearby multifamily properties, clearly stood out with potential for the execution of Blue Lake Capital’s core strategy: value-add.
This most recent acquisition marks further continue
