Blue Lake Capital Seizes Opportunity with the Sale of Element 41; Investors Net Equity Multiple of 1.80x in Just 19 Months’ Time
CHARLOTTE, June 23, 2022 - Blue Lake Capital is pleased to announce the successful sale of Element 41, an Atlanta MSA 494-unit multifamily property. Under the management of Blue Lake Capital, and in Co-Sponsorship with Vive Funds, Element 41 provided investors an average range of 7% - 9% cash-on-cash throughout the holding period and then catapulted to a significant gain of ~45% IRR net upon exit. The property is located at 991 Wylie Rd, Marietta, GA 30067.
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Blue Lake Capital Acquires $81.25M Multifamily Property in Elite Atlanta Submarket
ATLANTA, December 03, 2021 - Blue Lake Capital, led by CEO Ellie Perlman, has successfully acquired Waterstone on November 24, 2021. The property is a stellar and high-performing 296-unit multifamily property in the metropolis of an elite Atlanta submarket. 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.
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Joint-Venture Acquires Atlanta Multifamily for $81M
ATLANTA, GA – Blue Lake Capital and Vive Funds have acquired a 296-unit multifamily property in the Atlanta suburb of Buford, GA for $81.3 million. The two companies acquired the property through REV Fund, a $100 million joint-led multifamily value-add fund, which was established in May 2021. Located at 1851 Satellite Blvd., the acquired property, Waterstone, was built in 2011 and offers an interior renovation opportunity. The companies intend to renovate the property’s unit interiors, add new amenities and increase rents.
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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.
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.
Blue Lake Capital Snags Marietta Apartment Community for $80M
Blue Lake Capital has acquired Element 41, a 494-unit multifamily property in the Atlanta suburb of Marietta. The sales price was $80 million. The property was acquired in partnership with Vive Funds LLC.
Element 41 is located at 991 Wylie Rd. The property offers a community amenity package that includes outdoor gyms, game courts, trails, barbecue areas, seating areas, two dog parks and a soccer field.
Blue Lake Capital, has achieved up to 28% rent growth throughout COVID for its other Atlanta based properties. Rent growth in the Marietta submarket over the past 12 months was more than 5%. The seller was not disclosed.
View press release here.
Joint Venture, an $80 Million Transaction, Is Between Two Female-Led Teams
Guest Feature by Rhett Wilkinson.
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.
View the original story here.