November 1, 2020
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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