CHICAGO, IL - Waterton Associates announced the recent acquisition of Two Blocks Apartments, a 400-unit community located in Atlanta, GA. Two Blocks is the seventh asset purchased by Waterton this year.
Constructed in 2008 by Pollock Shores Real Estate Group, the development features 5 mid-rise buildings, 2 mid-rise parking decks, and includes 400 apartments consisting of one and two bedroom garden and loft style units. The property, located in the Chamblee Dunwoody area of Atlanta, offers close proximity to I-285, GA 400, I75 and I85. The property's location to major roadways provides residents convenient access to virtually all of metro Atlanta's major employment centers including the Perimeter area, home of the largest concentration of medical space in the metro Atlanta. St. Joseph's, Children's Scottish Rite, and Northside Hospitals are all within minutes of the property.
"Waterton is pleased with the acquisition of Two Blocks Apartments and we are excited to add another community to our growing Atlanta portfolio," states Max Peek, Senior VP of Acquisitions, Waterton Associates. "The community is a well-located, well-built asset that offers tremendous value to our customers."
In addition to the employment drivers, residents have access to major retail amenities in the area such as Perimeter Mall, a 1.5 million square foot shopping center anchored by high end retailers such as Nordstrom's, Macy's, and Dillard's, just one mile west of the property. The mall serves as the anchor to the 28 million square foot Perimeter office market, the largest office submarket in Atlanta, a major hub for Fortune 500 company headquarters including UPS, Newell Rubbermaid, and Cox Communications. Two Blocks is eight miles east of the Cumberland/Galleria office market, six miles north of the Buckhead office market, and ten miles north of the midtown and downtown office markets. Residents enjoy a host of amenities and features including a two story clubhouse with billiards room, media room, internet cafe, and conference room, fitness center, swimming pool, and relaxing Zen garden. Unit features include full sized washers and dryers, Stainless steel appliances, designer finishes, 9 foot ceilings, and private patio or balcony.
Chicago-based Waterton Associates, one of the leading multifamily companies in the nation, is focused on the acquisition of apartment communities in multiple markets to which it can add value through repositioning and renovation.