Investment Information: Urban infill redevelopment in irreplaceable location in upscale Buckhead submarket.
Overview: In 2012, RangeWater acquired Colonial Homes, a landmark rental community in Atlanta’s affluent Buckhead neighborhood, with a repeat capital partner. It is one block from Peachtree Road on both the world-famous Bobby Jones golf course and The Beltline – a network of in-town 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 long-term value.
The Work: The firm purchased the existing community, built in the 1940s, and immediately began updating the amenities which included the pool and grill area. Shortly after, RangeWater began construction on a new 280-unit luxury community, The Jane. To continue adding value to this highly desired area, RangeWater began its second new development on the property known as The Monroe. The Monroe features 217 luxury apartments with best-in-class amenities including a rooftop lounge overlooking Bobby Jones Golf Course and a 1.5 acre private park.
Results: The Monroe outperformed expectations by completing lease-up 2 months ahead of schedule and surpassing underwritten rent expectations by 13%. RangeWater believed in the continued success of The Monroe so strongly, they were able to acquire the development equity with a long-term capital partner in order to retain ownership and reap the benefits of this asset for years to come. RangeWater continues to manage the community.