Waterton Acquires 2460 Peachtree in Atlanta
- Dec 29, 2014
Atlanta—Waterton Associates LLC has acquired 2460 Peachtree Apartments, a 236-unit high-rise rental tower in Atlanta’s Buckhead neighborhood, for an unspecified sum. The property is managed by Waterton Residential, Waterton’s property management subsidiary, which provides on-site maintenance and 24-hour concierge services.
The new owner plans to update the property’s lobby and hallways and implement a unit renovation program that will standardize the level of finishes throughout the tower. Once completed, residences at 2460 Peachtree will feature kitchens with granite countertops, cherry cabinets and stainless steel appliances; hardwood flooring; and updated lighting and plumbing fixtures. Each apartment includes an in-unit washer and dryer, as well as a balcony or terrace.
As part of the renovation, Waterton will also improve the property’s common amenities, which include a fitness center and yoga studio, resort-style pool with sundeck and sauna, and outdoor meditation garden. Other amenities include a business center and clubroom, which is complete with a billiards table and coffee bar.
2460 Peachtree is the seventh property acquired by Waterton in 2014, adding to the company’s existing multifamily portfolio in the Atlanta area. All together, it owns and manages five other Atlanta rental properties totaling more than 1,600 units.
Atlanta has a robust multifamily market, supported by considerable job growth. The metro area will add 60,100 jobs this year, increasing employment 2.5 percent, according to investment specialist Marcus & Millichap. Gains will be led by the high-paying financial service as well as the professional and business service sectors. In 2013, local employers created 63,900 positions.
Solid employment gains are lifting resident demand for apartments, while construction levels remain steady, putting downward pressure on vacancy. In 2014, vacancy dropped 80 basis points on net absorption of 9,700 units to 6.2 percent, notes Marcus & Millichap. New inventory and tightening vacancy have pushed up average rents 6.5 percent to $920 per month this year.