Waterton Grabs 236-Unit High-Rise in Atlanta
- Dec 30, 2014
Atlanta—Waterton Associates has added a 236-unit high-rise in Atlanta to its portfolio. Located in the city’s Buckhead neighborhood, 2460 Peachtree Apartments will be a value-add play that will see upgrades to the lobby, hallways and units.
“We are pleased to invest in such a well-located high-rise asset at a significant discount to current replacement costs,” says Max Peek, senior vice president, acquisitions, Waterton Associates. “We believe the proposed renovation plan will transform the building and allow us to narrow the gap between us and the newer product located nearby in Buckhead and Midtown.”
The purchase marks the seventh property acquired by Waterton in 2014, and brings the firm’s Atlanta portfolio to more than 1,600 units. Waterton’s in-house management arm, Waterton Residential, will handle day-to-day business. The renovation plan will also improve amenity spaces, which include a fitness center with yoga studio, resort-style pool with sundeck and sauna, an outdoor mediation garden and a clubhouse with billiards table, business center and coffee bar.
Roxbury Ventures completes a $3.9M sale in West Hollywood
Los Angeles, Calif.—Roxbury Ventures has sold 12 units in West Hollywood for $3.9 million. The two properties—seven rent controlled units at 7604 Lexington Ave. and five units at 7605 Lexington Ave—were built in 1920 and 1926, respectively. Marcus and Millichap represented Roxbury in the sale, while the buyer was represented by Charles Dunn Co. The closing cap rate was 4.38 percent, and the price-per-square-foot was $635.
“These assets are located in an A+ location and offer the buyer a lot of flexibility and upside,” says, K. Joseph Shabani, principal of Roxbury Ventures.
The two properties feature a mix of two-bedroom, one-bedroom and studio apartments that were renovated with luxury finishes, including new kitchens with quartz countertops and glass tile backsplash, Carrera marble bathroom counter tops and floors, hardwood laminate floors and walk-in closets. Common area amenities include a courtyard, laundry facilities and gated entry.
BMC Capital provides seven-year $1.739M acquisition loan via banking relationship
Dallas—Brian Gramlich of BMC Capital’s Dallas office has arranged for a $1.739 million purchase loan for a multifamily property located in Dallas.
The loan carried 70 percent LTV, seven-year term, a rate of 4.37 percent and a 25-year amortization. The loan closed in less than 40 days and was arranged through one of BMC Capital’s correspondent banking relationships.