RangeWater goes against the flow. Instead of taking out acquisition loans to acquire properties, it buys them with cash. Its latest…Provenza at Old Peachtree in Gwinnett County. RangeWater paid $62.8 million, or $243,410 a unit for the 258-unit project. The community, which is around ten years old, sits on 14 acres just outside of Interstate 85. In late 2022, the firm paid all cash for a 228-unit, garden-style community in Druid Hills, now named The Dakota. 

The Atlanta Business Chronicle reports Miami’s Momentum Real Estate Partners was the seller, which paid $50.5 million for the community in 2019. 

The plan for its latest purchase is to complete minor renovations to the units and offer competitive rents just below newer apartments. Atlanta-based RangeWater has nearly 100,000 units under management in 194 cities.

Industry leaders and power players are connecting at Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa. Don’t miss the expert’s take on where the market is headed, and what changes are on the horizon. Register Now!