RALEIGH, NC - Waterton, a U.S. real estate investor and operator, today announced it has purchased Regatta at Lake Lynn, a 392-unit garden-style rental community in Raleigh, North Carolina.
Located at the southeast corner of Lake Lynn – about 10 miles northwest of downtown Raleigh – the property includes a mix of one- and two-bedroom apartments, each with 9-foot ceilings, a patio or balcony, wood-burning fireplace, and full-size washer and dryer units. Community amenities include two outdoor pools, a 24-hour fitness center, newly constructed playground and on-site dog park.
“With Regatta at Lake Lynn, we saw an opportunity to acquire a vibrant community in a highly desirable location with favorable supply and demand drivers,” said Matthew Masinter, senior vice president of acquisitions at Waterton. “The relative affordability of renting has made apartments the housing option of choice in many cities, and Raleigh is no exception.”
As the property’s new owner, Waterton plans to implement a renovation program that will update select residences and common areas.
“Our ability to acquire the community below replacement cost gives us the financial flexibility we need to make thoughtful improvements that create long-term value for our investors and enhance the overall experience for residents,” said Masinter.
Regatta at Lake Lynn benefits from its proximity to several major thoroughfares, including Interstates 440 and 540 to the north and south, and Creedmoor Road and Glenwood Avenue to the east and west. The community is minutes from major shopping and employment centers like Triangle Research Park, the country’s largest research park that is home to more than 200 companies. Regatta at Lake Lynn also offers convenient access to Raleigh-Durham International Airport and several nearby colleges, including North Carolina State University in Raleigh and Duke University in Durham.
Residents of the community also have immediate access to the 75-acre Lake Lynn Park, which features a 2.8-mile paved trail along the lakefront, as well as other recreational amenities, including outdoor tennis courts, bocce courts and a youth baseball field.
Regatta at Lake Lynn is Waterton’s seventh acquisition in 2015 and continues the firm’s investment activity in North Carolina, where it has acquired four communities comprising 1,476 units over the past decade.
“The occupancy rates in the Triangle apartment market remain high as demand continues to outpace new supply,” said Masinter. “We expect this trend to continue going into 2016 thanks to the region’s strong economy.”