RangeWater Pays $62.8M Cash for Gwinnett County Property
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.
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