RangeWater Redevelops Apartments in Irreplaceable High-End Location
Investment Information: Urban infill redevelopment in irreplaceable location in upscale submarket
Overview: RangeWater acquired Colonial Homes, a landmark rental community in Atlanta’s affluent Buckhead neighborhood, in 2012. It’s one block from Peachtree Rd. and adjacent to both the world-famous Bobby Jones golf course and The Beltline – a network of intown walking and hiking trails.
Strategy: Seize a rare opportunity to redevelop a community in the heart of Atlanta’s most high-end neighborhood and convert it into a showcase community, creating longterm value.
The Work: The firm purchased the existing community, built in the 1940s, and immediately began updating the amenities including the pool. It also installed a new grill area. It also started construction on a new five- and six-story building with 280 luxury units and luxury amenities.
Results: The firm is taking a value-add approach to the current community while transforming adjacent acreage into a brand new luxury development with top-flight amenities.