By Alexandra Pacurar
Atlanta—Blue Atlantic Partners, an investment fund co-sponsored by Atlantic | Pacific Companies and Blue Arch Advisors, purchased two luxury properties in the metro-Atlanta area. Rock Creek at Vinings and Rock Creek at Ashford are the first acquisitions made by the recently-closed fund.
“Blue Atlantic Partners plans on making exterior and interior renovations with $8,000 per unit,” Greg Ward, CIO of Blue Atlantic Partners, told Multi-Housing News.
Rock Creek at Vinings, a 403-unit property located in Smyrna, spans across 33 acres on the northwest side of Atlanta Road SE. According to Yardi Matrix, the multifamily community includes one-, two- and three-bedroom apartments. The most recent residential report shows that average monthly rent in 2016 is $1,163, a slight increase from last year’s value of $1,115. Common amenities include two swimming pools, a fitness center, a tennis court, controlled access and 1,200 parking spaces.
Rock Creek at Ashford sits on 13 acres in Brookhaven and includes 222 studios, one- and two-bedroom apartments. The Yardi Matrix property report shows a 96.4 percent occupancy rate and an average monthly rent of $1,316, a considerable growth compared to last year’s value of $1,209. The community includes a dog park, a resident garden, two swimming pools, a tennis court, barbecue areas, a 300-space parking and a gated entry.
“We are excited to add these properties to our growing Atlanta portfolio. They represent a continuation of our strategy to acquire assets in locations with strong demographics and high barriers to entry,” Greg Ward said in a prepared statement.
Blue Atlantic Partners is targeting Atlanta, Raleigh, Charlotte, Nashville, Dallas, Austin, Houston, San Antonio, and South Florida for future purchases. “No clear objectives are set out, but currently (we) have two assets in contract in Texas and will most likely buy two more beyond that before end of year,” Ward told Multi-Housing News.
Last month, Atlantic | Pacific Companies and Blue Arch Advisors announced the closing of the Blue Atlantic Partners fund with $120 million of equity capital commitments. Together with anticipated leverage, the fund’s buying power is expected to exceed $350 million. Institutions and high net worth individuals from the U.S. and overseas are investors in the fund.
Image via Yardi Matrix