BOSTON, MA - Boston Capital Real Estate Partners, LLC (BCRE) has closed on the purchase of Lakes at Windward, a 294-unit, Class B garden-style community located in Alpharetta, GA.
"Lakes at Windward is an excellent investment opportunity for us, providing a solid value-add product play in a superior location among newer properties," said Mark Dunne, Managing Director of BCRE. "We can provide comparable Class A community amenities and interior finishes to area residents at a more attractive cost than competitors. The Alpharetta market is brimming with demand from abundant new technology employment and supported by significant community infrastructure investments, yet it also has a very limited new supply of apartments. Our location near high-quality office jobs, ample retail services and entertainment centers creates this opportunity to upgrade the existing property to provide a first-class, multifamily housing community offering outstanding value to our residents."
Located on nearly 30 acres, Lakes at Windward features 142 one-bedroom and 152 two-bedroom apartments including 42 townhome-style, two-bedroom floor plans. The apartment homes, which average 969 square feet, will be renovated to include upgraded lighting packages, stainless steel appliances, new cabinetry, plank flooring in the kitchens and living spaces, granite countertops, new kitchen hardware, in-unit washers and dryers, tile backsplashes, gooseneck plumbing fixtures and new bathroom vanities.
Property amenities include two swimming pools, a 24-hour fitness center, a dog park, a playground and two lighted tennis courts, among others. Renovations will include an upgraded clubhouse and improved building exteriors and grounds.
Lakes at Windward offers convenient access to a large number of research, technology, medical and educational employment centers. The property is located within one mile of Georgia Route 400, the major north-south arterial serving the north side of metro Atlanta and connecting the I-285 loop and I-85, two of Atlanta's largest freeways.
About Boston Capital: Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,150 multifamily apartment communities in 49 states and the District of Columbia, constituting more than 153,500 apartments with a development cost in excess of $15.8 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.
About BCRE: Boston Capital Real Estate Partners was established in 2002 to capitalize in the market rate apartment space on Boston Capital's expertise in all facets of multifamily transactions. BCRE specializes in originating and executing market rate, opportunity-driven, real estate equity investments throughout the U.S. utilizing institutional, private investor and private REIT vehicles. BCRE has invested approximately $1.3 billion in value add and new construction apartment communities in major and secondary markets throughout the U.S.