Waterton Completes Its Seventh Acquisition in 2015
Waterton continues its acquisition activity this year with its purchase of 392-unit rental community Regatta at Lake Lynn in Raleigh, N.C.
By Samantha Goldberg, Associate Editor
Chicago—U.S. real estate investor and operator Waterton has acquired Regatta at Lake Lynn, a 392-unit rental community in Raleigh, N.C.
The garden-style community is located about 10 miles northwest of downtown Raleigh at the southeast corner of Lake Lynn, and includes a mix of one- and two-bedroom apartments. Each unit boasts 9-foot ceilings, a wood-burning fireplace, a patio or balcony, and full-size washers and dryers. Residents can also enjoy amenities like a 24-hour fitness center, two outdoor pools and a brand new playground and dog park.
“With Regatta at Lake Lynn, we saw an opportunity to acquire a vibrant community in a highly desirable location with favorable supply and demand drivers,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “The relative affordability of renting has made apartments the housing option of choice in many cities, and Raleigh is no exception.”
As the property’s owner, Waterton plans to further enhance the community by renovating and updating certain residences and common areas.
Masinter said that Waterton’s ability to acquire the community “below replacement cost” gives the company the financial flexibility it needs to make improvements that have long-term value for its investors and will enhance residents’ overall experience.
Regatta at Lake Lynn is conveniently located next to major roads, including Interstates 440 and 540, and is close to popular shopping and employment centers like Research Triangle Park, which is the largest research park in the United States, with more than 200 companies including IBM and Cisco Systems Inc. Residents can also easily access Raleigh-Durham International Airport and several nearby colleges, including North Carolina State University in Raleigh and Duke University in Durham.
Residents of the community can also enjoy the nearby 75-acre Lake Lynn Park, featuring a 2.8 mile trail surrounding the lakefront and recreational activities such as outdoor tennis and bocce courts and a youth baseball field.
This acquisition is Waterton’s seventh this year and is part of the company’s continued investment in North Carolina, where it has purchased four communities totaling 1,476 units in the past 10 years.
“The occupancy rates in the Triangle apartment market remain high as demand continues to outpace new supply,” said Masinter. “We expect this trend to continue going into 2016 thanks to the region’s strong economy.”
Image courtesy of Taylor Johnson
