Blue Lake Capital Acquires $80M Atlanta-Based Multifamily Property
PRESS RELEASE: 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 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.