Waterton Residential acquired the Parc Alpharetta, a high end upscale rental age restricted community in Alpharetta, GA for an undisclosed sum.
Constructed in 2008, it’s the town’s only active adult +55 community and includes 210 units consisting of 85 one-bedroom/one-bathroom, 26 one-bedroom/one and a half bathroom, 93 two-bedroom/two-bathroom, and six two-bedroom/two and a half bathroom town home units.
“The future trending within this niche demographic offers reason to be optimistic,” said Max Peek, vice president, acquisitions, Waterton Residential. “Parc Alpharetta represented a great opportunity to buy a newer construction asset in an affluent submarket with traditionally high barriers to entry.”
The property was purchased as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture and is the first age-restricted apartment community in Waterton’s portfolio.
Peek told GlobeSt.com the seller was motivated to dispose of the property because there was a maturing loan in place. Leasing at the location has been slow as many older Americans are having a hard time selling homes in order to move into these types of communities.
Originally developed by Wood Partners and Parc Communities, Parc Alpharetta was financed initially with low floater bonds issued by the City of Alpharetta to fund construction. Waterton intends to remarket and enhance the bonds.