BLUE LAKE IN THE NEWS

Multifamily real estate investing tends to be a safe haven during a recession. After all, people still need a place to live. And with interest rates high, prospective first-time homebuyers may be tempted to continue renting for a while.

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MEBANE, NC - Blue Lake Capital, a leader in multifamily real estate investing, has announced the successful acquisition of Stonebrook Apartment Homes. Stonebrook is a high-performing, 192-unit multifamily property located near the rapidly growing Research Triangle area in North Carolina. 

 

"We look for several factors when targeting a market —potential job growth, low unemployment rates, healthy renter demographics, and a vibrant workforce," said Ellie Perlman, Founder & CEO of Blue Lake Capital. "The Research Triangle has consistently ranked at or near the top of the strongest growth markets in the U.S. and currently has a number of notable projects in motion, including Apple’s planned East Coast HQ. We're extremely excited about this acquisition."

 

The property, located at 301 Dogwood Dr, Mebane, NC 27302, is a 1997 Class B+ townhome-style property that boasts an A+ location, great amenities, and opportunities for Blue Lake to execute on its value-add business model. 

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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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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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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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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.

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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.

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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.

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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.

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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.

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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.

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View press release 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.

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