AUGUSTA, GA—Greenwich, CT-based Waypoint Residential has acquired the Estates at Perimeter, a 240-unit, Class-A garden-style apartment community at 50 St. Andrews Drive here. The deal is the company's third acquisition in Georgia.
The Estates at Perimeter is comprised of one-, two- and three-bedroom apartment homes with high quality interiors featuring nine-foot ceilings, walk-in closets, crown molding, black GE appliances, full size washer and dryer connections and private sunrooms. The community's amenities include a saltwater swimming pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Built in 2007, the community is currently 97% occupied. No financial details of the transaction were disclosed.
“This acquisition is representative of our strategy to grow our portfolio through targeted investments in desirable growth markets with favorable fundamentals,” says Raymond Barrows, COO of Waypoint Residential. “The Estates at Perimeter is a high-quality asset with strong current income and we look forward to leveraging our proven property management platform and operational expertise to create long-term incremental value.”
Waypoint plans to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property, the company states.
Waypoint also manages The Hamptons at East Cobb in Marietta, GA and Village on the Green Apartments in Atlanta.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.