ATLANTA, Dec. 7, 2021 /PRNewswire-PRWeb/ -- Vive Funds, led by Veena Jetti, is pleased to announce the successful acquisition of 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 Blue Lake Capital, led by Ellie Perlman. This powerhouse, woman led duo combined forces to successfully spearhead this acquisition including an investment from REV Fund – a joint-led $100M multifamily value-add fund established in May 2021.
The property, located at 1851 Satellite Boulevard, Buford, GA 30518, is a 2011 institutional quality asset that enjoys an exceptional A+ location, a great amenity package, and a significant interior renovation opportunity. The business plan is to renovate the unit interiors in order to better compete with nearby properties, while increasing rents, as well as adding new amenities.
"When you have an asset with so much value add potential with almost 100% classic interiors in a solid market like Buford, and then you are able to underwrite with worst-case scenario and the deal still works, you know it's a solid deal," stated Vive Funds' founder, Veena Jetti. The property, which was identified to be significantly under market in rents, newer, and larger than nearby multifamily properties, clearly stood out with potential for the execution of Vive Funds' core strategy: value-add.
This most recent acquisition marks further continued growth of the Vive Funds portfolio and brings the company to have added $250MM in AUM in the Atlanta market over the last 13 months alone. Vive Funds has performed strongly; its other Atlanta assets have been solid investments and delivered at or above projections, some as high as 33.3% over proforma in year one. The company's current portfolio is collecting between 94% to 100% of rents month-over-month, while simultaneously achieving an impressive rent growth with an average of 25%, to a peak rent growth as high as 34%. Vive's passive investors have enjoyed consistent monthly distributions throughout the hold period and reflect the strength of our portfolio. "Our ability to offer a tax-efficient investment as an inflationary hedge through income-producing assets create opportunities for the everyday high-income earner to enjoy real estate without having to actively participate," Priya Raje of Vive Funds shared.
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, Vive Funds is able to lead commercial investments with the full capabilities of today's technology.
About Vive Funds:
Vive Funds was launched to fulfill its mission of carefully curating high-quality real estate investments to suit our core investor profile. Its innovative strategy and detailed processes drive its core value of investor-based projects. Vive has developed a rich network of global business partners to make early and transforming investments in assets that have the potential to do great things. Its dedicated team is made up of seasoned industry leaders who are looking to partner with hard-working, visionary investors.
Media Contact:
Katelin Mohr
Admin Coordinator
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Source:
Vive Funds
http://www.vivefunds.com
Media Contact
Veena Jetti, Vive Funds, +1 5632608575, [email protected]
SOURCE Vive Funds
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