Chicago-based firm buys Atlanta apartment property
Chicago-based real estate investor and operator Waterton Associates has acquired 2460 Peachtree Apartments, a 236-unit high-rise tower in the Buckhead neighborhood of Atlanta. The property was acquired from Bell Partners for approximately $45.6 million, according to data from Real Capital Analytics.
Demand for housing in the Atlanta area has been fueled by broad-based job creation, and the apartment vacancy rate dropped to 6 percent in third quarter 2014, the lowest rate since 2007, according to a research report by Marcus & Millichap.
Waterton employs a value-added strategy and focuses on U.S. multifamily and hospitality properties. The firm’s multifamily portfolio totals approximately 20,000 units and now includes six properties in the Atlanta metro area.
“We are pleased to invest in such a well-located high-rise asset at a significant discount to current replacement costs,” says Max Peek, senior vice president, acquisitions, a