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.
The sale
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.”
