Elite Street Capital Lands Atlanta Apartments
The company acquired Waterford Point from PointOne Holdings and Biscayne Atlantic. Built in 1989, the 344-unit community is located in Lithia Springs.
By D.C. Stribling, Contributing Editor
Elite Street Capital has acquired Waterford Point, a 344-unit apartment community in Lithia Springs in metro Atlanta. The seller was PointOne Holdings in a joint venture with Biscayne Atlantic.
Built in 1989 and renovated in 2012, Waterford Point includes studios and one-, two- and three-bedroom units, with rents ranging from $725 to $1,195. Common amenities include two resort-style pools, an indoor racquetball court, a cardio fitness center with both weight and cardio training, and a car-care facility.
Lithia Springs is a rapidly growing west Atlanta suburb. The town is home to the Southeastern headquarters of the American Red Cross and the location of major recent investments by Google and Keurig.
Cushman & Wakefield’s Southeast Multifamily Advisory Group arranged the sale, with the company’s Nathan Swenson representing the seller in the transaction. The buyer, Elite Street Capital, is a real estate investment firm based in Houston.
“Waterford Point was an intersection of asset and location,” Swenson said. “A high-growth economic market with substantial rent growth combined with Douglas County’s effective ban on multifamily housing development will provide very attractive returns.”