Vista Residential Partners (“Vista”) and BCDC have completed the sale of a 300-unit garden apartment community known as Sweetwater Vista Apartments.
Sweetwater Vista Apartments was the first new multifamily development delivered to Douglas County in over a decade. Spacious floor plans, top-of-the-line amenities, and a bucolic atmosphere bordering the 2,500-acre Sweetwater Creek State Park were among the numerous reasons why the community stood out from its competitors.
In addition, residents can enjoy a large clubhouse, resort style pool, spacious dog park, and open green spaces throughout the property. This community was a part of Vista’s corporate commitment to provide high-quality housing with attainable rents to a burgeoning submarket. Located on Riverside Parkway, Sweetwater Vista provides convenient access to both I-20 and the I-285 corridor, along with being 15 miles from Hartsfield-Jackson International Airport and 12 miles from Midtown Atlanta.
“Sweetwater Vista proved to be another example of Vista’s strong ability to identify underserved housing markets,” said Michael Neyhart, Chief Investment Officer of Vista. “The demand proved to be even stronger than we had forecasted, and the submarket continues to see robust investment activity in both commercial and residential developments.”
Synovus Bank provided construction financing for the project. A joint venture among BCDC and Blue Vista Asset Management LLC., Eduardo de Guardiola’s Family Office, (principal and founder of Vista), provided the equity.
“BCDC aims to partner with the best development teams in the country, and that was the case with Vista Residential Partners, who had the vision and delivered an outstanding community,” said Litt Glover, President and CEO, BCDC. “Sweetwater Vista’s performance, combined with its exceptional amenities and prime location, created an ideal opportunity for investors seeking to expand their portfolio. We congratulate the new Owner on its acquisition.”
Headquartered in Atlanta, Georgia, Vista Residential Partners has offices nationwide focused on the acquisition, development, and construction of multifamily and mixed-use communities. Vista has an extraordinary commitment to developing high-quality communities while providing consistent and high-level returns to our investors. The company was founded in August 2000 by Eduardo de Guardiola and the Georgia division is led by Chase Beasley – Regional Partner.
Founded in 1963, BCDC is a wholly-owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, BCDC offers various real estate services, from development and construction to equity and credit enhancements to brokerage and property management.
David Gutting of Newmark represented the sellers in the transaction.