Press Releases

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Blue Lake Capital Announces Investor Gains at 25% IRR With the Successful Disposition of The Legacy Portfolio

Atlanta MSA, GA, July 2, 2021 - Blue Lake Capital, led by its Founder and CEO, Ellie Perlman, is proud to announce the successful disposition of the Legacy Portfolio in the robust and thriving submarkets of the Atlanta MSA. This portfolio, a combination of Legacy at Lanier in Gainesville, GA, and Legacy at Norcross in Norcross, GA, exceeded Blue Lake Capital’s projections.

The allure of the portfolio is attributed to its exemplary performance, particularly throughout the course of the pandemic. The portfolio exited with an average occupancy of over 95%, while the portfolio’s rent increases in the past 12 months ranged between 20.68% to - 42.77%, as a direct result of Blue Lake Capital’s execution of a creative, pandemic-adaptive, value-add strategy. In addition, the timing of market demand was well anticipated and allowed Blue Lake Capital to seize the opportunity by exiting after only 21 months, as opposed to the original holding plan of 5 years.

Blue Lake investors achieved 25% IRR, while Blue Lake also exceeded cash-on-cash projections of 8% preferred returns. In addition, Blue Lake Capital also successfully positioned investors to capture further tax benefit opportunities by offering a well-timed 1031 exchange option.

Blue Lake Capital would like to extend special acknowledgments to key associates that participated in bringing this disposition to a successful close: Cozen O’Connor, NorthMarq, and First Communities.

About Blue Lake Capital, LLC

Blue Lake Capital was founded by Ellie Perlman, a former real estate lawyer, and a property manager, based out of Providence, RI. The Company's core values are Vision, Ambition, and Discipline, as it strives to be the leading multifamily sponsor in the U.S. while applying discipline and conservatism. Blue Lake Capital prides itself on finding the best value-add opportunities across the United States by specializing in unlocking value in multi-family properties.

 

A defining factor of Blue Lake Capital’s strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake is able to lead commercial investments with the full capabilities of today’s technology.

Blue Lake Capital’s first priority is to our family of investors, and we nurture and guard those relationships. We emphasize open communication and transparency in conducting business.   

 

Media Contact:

 

Jeannette Robinson

Director of Investor Relations

Email: jeannette@bluelake-capital.com

Telephone: (401) 200-8380

Fax: (419) 931-1398

 

Source:

 

Blue Lake Capital, LLC

www.bluelake-capital.com

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Blue Lake Capital Acquires $78.3M Atlanta-Based Multifamily Property

Atlanta MSA, GA, July 2, 2021 - Blue Lake Capital, led by CEO Ellie Perlman, has successfully acquired The Estates at Crossroads on June 30, 2021. The property is a high-performing Class-B 344-unit multifamily property in the metropolis of the strong performing Atlanta market. The property was bought in partnership with Vive Funds, led by Veena Jetti. This powerhouse duo combined forces to successfully spearhead this acquisition via REV Fund - a joint-led $100M multifamily value-add fund established in May 2021.

 

The property, located at 2620 N Berkeley Lake Road NW, Duluth, GA 30096, is a 2002 institutional-quality asset that enjoys an exceptional location and a promising interior renovation opportunity. In addition, the property also offers a robust amenity package including a resort-style swimming pool, large sundeck with a grilling area, fitness center, dog park, tennis courts, playgrounds, sprawling nature trails, and detached garages.

 

The property’s rebranding is the first step in their value-add strategy, which also entails installing modern apartment unit finishes such as stainless-steel appliances, vinyl plank flooring, new lighting and hardware, new backsplashes, and other features to further drive the desirable tenant base currently in place. Coupled with additional income-generating improvements, Blue Lake Capital is confident in delivering a strongly performing and profitable asset to investors.

 

This most recent acquisition marks further continued growth of the Blue Lake Capital portfolio and brings the company to have $370M in AUM throughout the Texas, Florida, and Georgia markets. Since April 2020, Blue Lake Capital has performed strongly, having collected between 94% to 100% of rents month-over-month. By implementing expert hands-on strategies to lower costs and maximize collections, the company pushed rents up to 39% during COVID.

 

A defining factor in this strategy is founded in utilizing machine learning/artificial intelligence throughout the course of all acquisitions and asset management. This advanced technology enables the company to produce accurate and data-driven forecasting for all assets on a market, property, and even tenant basis. In doing so, Blue Lake Capital is able to lead commercial investments with the full capabilities of today’s technology.

 

About Blue Lake Capital:

 

Blue Lake Capital was founded by Ellie Perlman, a former real estate lawyer, and property manager. The Company's core values are Vision, Ambition, and Discipline, as it strives to be the leading multifamily sponsor in the U.S. while applying discipline and conservatism. Blue Lake Capital prides itself on finding the best value-add opportunities across the United States by specializing in unlocking value in multifamily properties. Blue Lake Capital’s first priority is to our family of investors, and we nurture and guard those relationships. We emphasize open communication and transparency in conducting business.

 

Media Contact:

 

Jeannette Robinson

Director of Investor Relations

Email: jeannette@bluelake-capital.com Telephone: (401) 200-8380

 

Fax: (419) 931-1398

 

Source:

 

Blue Lake Capital, LLC www.bluelake-capital.com

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Blue Lake Capital Acquires $80M Atlanta-Based Multifamily Property

Atlanta MSA, GA, October 28th, 2020 - Blue Lake Capital, led by CEO Ellie Perlman, has successfully acquired Element 41, a high-performing Class-B 494-unit multifamily property in the metropolis of the strong performing Atlanta market. The property was bought in partnership with Vive Funds, LLC, led by Veena Jetti, on October 26, 2020. Given the current track record of Blue Lake Capital, which has achieved up to 28% rent growth throughout COVID for its other Atlanta-based properties, Element 41 is a confident and promising addition to the Blue Lake portfolio.

The property was structured with an agency debt of 74% LTV, with 5 years of interest-only payments. This acquisition now brings Blue Lake Capital to owning and operating over $180M in AUM throughout Texas, Florida, and Georgia markets.

 

Element 41 is located at 991 Wylie Rd., Marietta, GA 30067, an affluent area of the Marietta submarket

where median home values exceed $400,000. Rent growth in this submarket in the past 12 months was over 5% during 2019, outperforming Atlanta as a whole with 4% rent growth*. The property offers an extraordinary community amenity package including outdoor gyms, game courts, sprawling trails, barbecue areas, seating areas, two dog parks, and a soccer field. At a time where outdoor space and social distancing is highly valued, Element 41 offers unparalleled options and a feeling of expansive tranquility.

 

About Blue Lake Capital, LLC:

 

Blue Lake Capital was founded by Ellie Perlman, a former real estate lawyer, and a property manager, based out of Providence, RI. The Company's core values are Vision, Ambition, and Discipline, as it strives to be the leading multifamily sponsor in the U.S. while applying discipline and conservatism. Blue Lake Capital prides itself on finding the best value-add opportunities across the United States by specializing in unlocking value in multi-family properties. Blue Lake Capital’s first priority is to our family of investors, and we nurture and guard those relationships. We emphasize open communication and transparency in conducting business.   

 

Media Contact:

 

Jeannette Robinson

Director of Investor Relations

Email: jeannette@bluelake-capital.com

Telephone: (401) 200-8380

Fax: (419) 931-1398

 

Source:

 

Blue Lake Capital, LLC

www.bluelake-capital.com

 

* Yardi Rental and Occupancy Forecast, Marietta Submarket, Atlanta Market (8/1/2020)

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Joint Venture, an $80 Million Transaction, Is Between Two Female-Led Teams
Guest Feature by Rhett Wilkinson. View the original story here.

FRISCO, Texas — Vive Funds, led by Veena Jetti, in a joint venture partnership with Blue Lake Capital, led by Ellie Perlman, are pleased to announce the successful closing of its first acquisition in the Marietta/Atlanta, Ga. submarket, Element 41. The deal closed on Oct. 26 and is an $80 million joint venture between the two female-led companies.

“Vive Funds and Blue Lake Capital are both known for targeting conservative, steady, double-digit returns for their investors,” said Jetti, Vive Funds’ founding partner. “This joint venture from two female-led companies offers investors assurance that the companies can deliver such returns once more. Plus, now investors get the chance to benefit from the strengths and synergy of both of our teams.”

Vive Funds intends to continue focusing in the Atlanta, DFW, Jacksonville, Orlando, and Tampa markets and is announcing it is adding the Carolinas to its target markets for 2021. Blue Lake Capital, where Perlman is founder and CEO, is happy to add another strong asset to its portfolio in the area and plans to continue targeting this market.

“We look forward to continuing to grow!” Jetti said. “We are focusing on very select markets and assets while remaining true to our investment philosophies.”

The deal included several strong working partnerships, including the lender, Northmarq, which has a female-led lending team. It is led by Melissa Marcolini Quinn, who is assisted by Lee Weaver and Rob Rothaug, who secured a Freddie Mac loan for the deal. CBRE was the broker. Private equity funds representing a wide array of investors placed funds into the deal. Large private funds and family offices are bullish on the sponsors and invested into the deal. Private funds invested are Ryca, managed by Dr. Cathy Carroll, MD; 39point6, managed by Dr. Victor Mangona, MD; Two Bridges Asset Management, managed by Jonathan Twombly; and Chriya Capital, managed by Sajani Inampudi. The SEC attorney, Nic McGrue of Polymath Legal, also played a crucial role in the deal structure. Also involved in the deal was Jeannette Robinson, Director of Investor Relations for Blue Lake Capital.

“We are grateful for our incredible team in this deal,” Jetti said. “This joint venture wouldn’t have been possible without them.”