Liquid Capital, Wilson Investment Add 646 Units to Atlanta Portfolio

The partners picked up the 74-building luxury community in Doraville for $63.5 million, boosting their multifamily portfolio in the booming metropolitan market.
Forest Cove. Image courtesy of Wilson Investment Properties

Liquid Capital Real Estate Partners has teamed up with Wilson Investment Properties to purchase Forest Cove, a 646-unit luxury apartment community in the Atlanta suburb of Doraville, Ga. The partners plan to boost rents through upgrades and enhancements to the property’s interiors, exterior and amenities as well as improved customer service for tenants.

Bridge Investment Group sold the asset for $63.5 million, marking the sixth time Forest Cove has changed hands since it was built in 1985, according to Yardi Matrix data. The 74-building property at 3497 Meadowglen Village Lane is nearly 89 percent occupied.

Doraville is located 10 miles northeast of Atlanta. In a statement, the Forest Cove buyers indicated that favorable tax benefits and a low cost of living were among the factors that drew them to the metropolitan area.

Atlanta partnership strikes again

The deal marks Liquid Capital’s fifth major acquisition in tandem with Wilson Investment Properties in the Atlanta metro. Last November, the duo bought a 490-unit apartment community in Norcross for $51.2 million. The asset, The Fields at Peachtree Corners, is located a few miles north of the Forest Cove property.

Wilson Investment Properties is a syndicator of commercial and multifamily properties across the U.S. Multifamily investment firm Liquid Capital specializes in repositioning underperforming assets in strong markets. The latest acquisition brings the company’s Atlanta deal streak to just under 2,000 units in the last year and a half.

Atlanta ranked third for multifamily rent growth among major U.S. metros, with average rent climbing 5.9 percent year-over-year as of January, according to the latest Yardi Matrix report. The occupancy rate in stabilized properties inched up despite a steady pipeline, reflecting healthy multifamily demand supported by a solid economy and population growth.

Around $6 billion of multifamily assets traded in Atlanta in 2018, more than half of them value-add communities.