One of Gainesville’s lakefront properties is getting a makeover.
Edgewater on Lanier was recently acquired by the Griffin Fund, a residential real estate investment firm that plans to turn the slightly dated apartment community into a luxury complex.
“This is one of the biggest real estate deals in the area of the year,” said Terri Thornton of Thornton Communications. “It’s going to become really luxurious with a lakefront park, playground, dog park and pool. It’s really just an amazing redevelopment.”
Elia Zinn, general partner with the Griffin Fund, said the firm closed on the property in September. It purchased the property for $8.4 million, and the renovations have a $2 million budget.
Zinn said the firm has a three-step plan for improving the complex.
“The amenity package was very dated, the interiors were very dated, and there was deferred maintenance,” he said. “So what we are planning to do is obviously fix that deferred maintenance immediately. That’s step one.”
Exterior renovations will begin in approximately 30 days, Zinn said, and should take no more than six months. They will include a small park overlooking the lake with gazebos, benches, grills and more. The firm will also add a new fitness center, business center and dog park.
“We’re doing a complete reconstruction of the amenity area,” Zinn said. “It’s the center of the community, overlooking a huge view of the lake. It is absolutely a prime location in the community to have an amenity center. It’s the place where all families, young people, old people, everybody should want to hang out for those views.”
Interior renovations will take up to a year and a half, Zinn said. Residents will not be forced to move, but the work will move around them and give them the option to move into upgraded units as they become available.
Zinn said appliances, flooring, paint, hardware and more will be upgraded to update the interiors.
“It’s going to be a huge, huge improvement,” he said.
Rents are likely to increase, though Zinn said they will reflect what the market offers for the similar units.
The complex, on Old Thompson Bridge Road, has 180 units. Griffin Fund chose Stonemark Management as the new team to manage and lease the property.
“We are excited about partnering with The Griffin Fund and look forward to growing our relationship with them in the future,” says Stonemark President Walt Lamperski in a news release last week. “This asset enjoys a superior location, and the physical enhancements will add tremendous value to this investment.”
Zinn, who said he is a boater and loves the water, called the complex “uncongested and refreshing.” He said it is very different from others his firm owns in the Atlanta and Athens areas.
“Immediately, when I first visited Edgewater, I envisioned the amount of work that could be done there,” he said. “It’s a beautiful community on a beautiful setting, so it sort of looked like a diamond in the rough.”