Boston Capital Real Estate Partners Acquires 194-Unit MF in Alpharetta, Ga.
- Oct 28, 2014
Alpharetta, Ga.—Boston Capital Real Estate Partners LLC has acquired Lakes at Windward, a 294-unit, Class B garden-style multifamily community located in Alpharetta, Ga.
“We seek investments where we can identify and satisfy currently unmet and projected market demand through strategic improvement and positioning of well located apartment assets,” Mark Dunne, BCRE’s managing director, tells MHN. “Lakes at Windward has well designed buildings with recent exterior improvements, an excellent location, and is a strong fit for our platform expertise to deliver value to residents and investors alike.”
The property is situated on approximately 30 acres, and features 142 one- and 152 two-bedroom apartments, including 42 townhome-style, two-bedroom floor plans. All units will be renovated to include upgraded lighting packages, stainless steel appliances, new cabinetry, plank flooring in the kitchens and living spaces, granite countertops, new kitchen hardware, in-unit washers and dryers, tile backsplashes, gooseneck plumbing fixtures and new bathroom vanities.
The property has two lakes on site, a resort style pool, a fitness center, dog park, playground, lighted tennis courts and an attractive wooded setting. The Lakes at Windward also benefits from walkability to the recently constructed Westside Parkway that provides direct access to the new $600 million Avalon development, the new Alpharetta-Gwinnett Tech College Campus, and Alpharetta’s new Town Center.
According to Dunne, the Alpharetta market is brimming with demand from abundant new technology employment and supported by significant community infrastructure investments. The problem is there is very limited new supply of apartments.
“Simply put, the market has continued to grow up around the property and creates the support to make physical improvements to amenities and apartment home interiors that will appeal to residents seeking convenience, first class apartment finishes, and a low density, wooded site at outstanding rental values compared to other offerings,” he says.
The property is located within one mile of Georgia Route 400, the major north-south arterial serving the north side of metro Atlanta and connecting the I-285 loop and I-85, two of Atlanta’s largest freeways.
Boston Capital’s holdings include more than 2,150 multifamily apartment communities in 49 states and the District of Columbia, consisting of over 153,500 apartments with a development cost in excess of $15.8 billion.