Atlanta—Waterton, a Chicago-based real estate investor and operator, has acquired Savannah Midtown, a 322-unit mid-rise rental property in the Midtown neighborhood of Atlanta, for $58.1 million. Located on North Ave., a major east-west thoroughfare in the city, the four-building property comprises a mix of one- and two-bedroom units.
Waterton plans a capital improvement program to enhance both the residential units and the common areas. Unit improvements will include adding quartz countertops, tile backsplashes and stainless steel appliances; updating the plumbing and lighting fixtures; and putting in new wood flooring throughout all bedrooms and living areas.
The new owner also plans renovations to the property’s rooftop deck, which features an outdoor wading pool, spa and lounge area; putting green; lighted tennis, bocce ball and shuffleboard courts; and a newly constructed fitness/cardio studio. When finished, the rooftop at Savannah Midtown will offer residents a resort-style environment, according to Waterton. Other common amenities include a fully equipped business center, several outdoor courtyards with grilling stations and a direct-access parking garage.
“With so much development activity centered on Midtown to meet growing demand, owners of existing communities are adding new features and finishes to better reflect the tastes of today’s renters,” said Max Peek, executive vice president of acquisitions at Waterton. “Midtown consistently ranks as one of Atlanta’s top neighborhoods for renters due to its walkability and robust job market, fueled in part by the city’s tech sector.”
JLL’s David Gutting and Derrick Bloom brokered the deal. Savannah Midtown marks Waterton’s third multifamily acquisition in 2016. The firm owns and manages six other rental communities in the Atlanta area comprising nearly 1,900 units.