RangeWater JV Acquires Provenza at Old Peachtree Apartments

RangeWater Real Estate and Nippon Steel Kowa Real Estate (NSKRE) advised by Metzler Real Estate have acquired an expansive upscale garden apartment community in the dynamic Suwanee submarket of Northeast Atlanta. The joint venture purchased Provenza at Old Peachtree, which will be renamed Echo Ridge Suwanee, located at 1460 Distribution Drive in Suwanee. The acquisition is part of the rental housing industry leader RangeWater’s strategy to continue meeting housing demand by purchasing communities in desirable neighborhoods across the Sun Belt. 

“This is our second acquisition in partnership with NSKRE and we are excited to continue expanding our portfolio in burgeoning Gwinnett County, one of the fastest growing and most diverse counties in the state of Georgia,” said RangeWater’s President and CEO Steven Shores. “This location is a fantastic addition to our local portfolio of communities. We look forward to enhancing the intrinsic value of the Provenza at Old Peachtree community and enriching the lives of our residents who will call Echo Ridge Suwanee home.”

Residents will enjoy proximity to top-tier public schools, upscale shopping destinations at the nearby Gas South District and Simon-owned Sugarloaf Mills mall, cultural venues such as the recently expanded and refreshed Gas South Arena and convention center, a wealth of recreational activities and golf clubs, and convenient access to both I-85 and GA-316. Regarded as one of the Southeast’s leading high-tech hubs, Gwinnett County is also a leading research and development destination for medical device makers and auto firms, as well as home to nearly 25,000 businesses and more than 400,000 employees.

“Our acquisitions team puts extensive research into each acquisition, making sure it is the right fit for RangeWater’s portfolio through careful consideration of market conditions, population growth, proximity to employment hubs, and more,” added Jay Lively, Acquisitions Director at RangeWater Real Estate. “Particularly known for its exceptional demographics, school system, and standard of living, there’s no doubt that Echo Ridge Suwanee represents a unique investment opportunity in one of Atlanta’s most prosperous and sought-after suburban locations.” 

Read more about the acquisition:

MultifamilyBiz  |  Atlanta Agent Magazine