By Joshua Ayers, Senior Editor
Gainesville, Ga.—A privately held real estate investment firm, The Griffin Fund, has acquired the 180-unit Edgewater on Lanier community in Gainesville, Ga., for $8.4 million from an undisclosed seller and plans to invest an additional $2 million into a community renovation program. The deal closed on Sept. 11 and the REIT has selected Stonemark Management for management responsibilities.
“We like the Gainesville market and we’re always looking for other deals to expand our presence in that area,” Griffin Fund Partner Elia Zinn tells MHN.
The community is located on the shores of Lake Lanier in Gainesville and renovations will take full advantage of its views. New additions at the community will include a gathering spot that overlooks the lake with barbecue area, gazebos, an oversized lookout terrace and a lakefront park and playground. Additional renovations will include an upgrade to the pool, a new fitness center and lounge area, a new business center and a new dog park. All of the new amenities will face the lake and residents can access the property’s dock for short-term boat parking through the pool area.
“After the renovation, Edgewater will be one of Gainesville’s finest apartment communities, offering superior views and access to the lake—together with a full and updated amenity package,” Zinn says. “We see great potential to add value to the community.”
Edgewater at Lanier offers a mix of one-, two- and three-bedroom units that will all receive full kitchen upgrades, including new appliances and flooring. The exteriors of the buildings will be completely refurbished and the property’s landscaping will also receive a makeover.
Stonemark was selected to manage the property based on its industry reputation and strong recommendations.
“We are excited about partnering with The Griffin Fund and look forward to growing our relationship with them in the future,” says Stonemark President Walt Lamperski. “This asset enjoys a superior location, and the physical enhancements will add tremendous value to this investment.”