CHICAGO, June 9, 2011 /PRNewswire/ -- Waterton Residential selects upscale luxury with its latest Property Venture XI multifamily acquisition of Parc Alpharetta, a well-located, class A, age-restricted rental community in Alpharetta, Georgia.
Constructed in 2008, Parc Alpharetta is a four-story, two-building midrise structure containing 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 townhome units.
Parc Alpharetta, Alpharetta's only active adult (55+) community, offers services and amenities today's active seniors find appealing including a fitness center with wellness salon, exercise classes, library and business center, shuttle services, planned social events, convenient walking paths and a beautifully landscaped courtyard with a meditation garden, luxury pool and deck, an upscale community room with a private catering/dining area, multi-purpose media room, conveniently located elevators, a gated parking deck and more. Additionally, Parc Alpharetta's well-appointed apartment homes offer 18 different spacious floor plans, balconies or sunrooms, walk-in closets, 9-foot or 10-foot ceilings, designer details, black Whirlpool® appliances and in-unit washers and dryers.
"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."
Located west of Highway 400 off Westside Drive in Alpharetta, Georgia, residents of Parc Alpharetta have access to shopping and dining less than a mile from the property with North Point Mall (anchored by Sears, JC Penney, Dillard's, Macy's and over 180 specialty retailers). Alpharetta includes much of the North Fulton office corridor consisting of over 15.4 million square feet of primarily class A office space.
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. Parc Alpharetta which closed June 1 was acquired 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. www.watertonresidential.com