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

“We are pleased to invest in such a well-located high-rise asset at a significant discount to current replacement costs,” says Max Peek, senior vice president of acquisitions at Waterton. “We believe the proposed renovation plan will transform the building and allow us to narrow the gap between us and the newer product located nearby in Buckhead and Midtown.”

Waterton plans to update the multifamily community's lobby and hallways and implement a multifamily unit renovation program that will standardize the level of finishes throughout the property. Waterton will also improve the community's amenity spaces, which include a fitness center and yoga studio, resort-style pool with sundeck and sauna, and outdoor meditation garden. The property also has business center and clubroom, complete with a billiards table and coffee bar.

“The building's amenities are a perfect complement to the surrounding neighborhood, with popular entertainment destinations like Phipps Plaza and Lenox Square Mall just a short drive away,” says Peek. “Residents can also walk to the nearby Publix Super Market and numerous shops and restaurants along Peachtree Road.”

The multifamily community is one mile northeast of Atlanta Memorial Park, a historic Civil War battleground that was transformed into a 200-acre park—the third largest in Atlanta. The park, which is home to the Bobby Jones Golf Course and Bitsy Grant Tennis Center, is set to undergo a multimillion-dollar redevelopment.

2460 Peachtree Apartments marks the seventh multifamily property Waterton has acquired in 2014. Waterton also owns and manages five other multifamily communities spanning over 1,600 multifamily units in the Atlanta area.