Bridgewater and Preston Creek
In 2016, VCBank and its investors acquired a 90 per cent stake in a real estate portfolio consisting of two multifamily residential assets – Bridgewater and Preston Creek – in Atlanta, Georgia, USA, comprising a total of 866 units. The Bridgewater property sits on 260,000 square metres of gated land, and consists of 532 residential units spread over 36 buildings; while the Preston Creek property covers 206,000 square metres of gated land, comprising 334 residential units in 19 buildings. Both properties have excellent locations in Atlanta, and feature a wide range of recreational facilities within a garden-style community. Both Bridgewater and Preston Creek have completed their renovation programmes for unit interiors, with all units having been leased and achieving budgeted rent levels. The properties have performed exceptionally well to date, and have been paying investors quarterly dividend distributions equating to the expected annual cash return of 8.5 per cent.