ATLANTA—Waterton Associates just grabbed 2460Peachtree Apartments, a 236-unit high-rise multifamily tower therethat was once known as Bell Peachtree Battle. The community is in astrategic location on Peachtree Road, about a mile north ofPiedmont Hospital and the Shepherd Center.

“We are pleased to invest in such a well-located high-rise assetat a significant discount to current replacement costs,” saysMax Peek, senior vice president of acquisitions atWaterton. “We believe the proposed renovation plan will transformthe building and allow us to narrow the gap between us and thenewer product located nearby in Buckhead and Midtown.”

Waterton plans to update the multifamilycommunity's lobby and hallways and implement amultifamily unit renovation program that willstandardize the level of finishes throughout the property. Watertonwill also improve the community's amenity spaces, which include afitness center and yoga studio, resort-style pool with sundeck andsauna, and outdoor meditation garden. The property also hasbusiness center and clubroom, complete with a billiards table andcoffee bar.