ATLANTA, GA – Blue Lake Capital and Vive Funds have acquired a 296-unit multifamily property in the Atlanta suburb of Buford, GA for $81.3 million.
The two companies acquired the property through REV Fund, a $100 million joint-led multifamily value-add fund, which was established in May 2021.
Located at 1851 Satellite Blvd., the acquired property, Waterstone, was built in 2011 and offers an interior renovation opportunity. The companies intend to renovate the property's unit interiors, add new amenities and increase rents.
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"When you recognize a classic value-add opportunity, such as there is with an asset like Waterstone, and you underwrite to the worst-case scenario and the deal still works, you know it's a solid deal," says Blue Lake Capital CEO Ellie Perlman.
The transaction brings Blue Lake Capital to $619 million in assets under management.
Blue Lake Capital's portfolio is currently performing strongly; collecting between 94% and 100% of rents month-over-month, while achieving an average rent growth of 25%. In addition, the company recently completed two dispositions which generated 25% IRR each net to investors.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
