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.

|

“The building's amenities are a perfect complement to thesurrounding neighborhood, with popular entertainment destinationslike Phipps Plaza and Lenox Square Mall just a short drive away,”says Peek. “Residents can also walk to the nearby Publix SuperMarket and numerous shops and restaurants along PeachtreeRoad.”

|

The multifamily community is one mile northeastof Atlanta Memorial Park, a historic Civil War battleground thatwas transformed into a 200-acre park—the third largest in Atlanta.The park, which is home to the Bobby Jones Golf Course and BitsyGrant Tennis Center, is set to undergo a multimillion-dollarredevelopment.

|

2460 Peachtree Apartments marks the seventhmultifamily property Waterton has acquired in2014. Waterton also owns and manages five other multifamilycommunities spanning over 1,600 multifamily units in the Atlantaarea.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.