In 2017, Buligo Capital Partners acquired a stabilized class-B multifamily asset with high value-add potential. It offered substantial upside by raising below-market rental rates and initiating a unit upgrade program. In addition, the property contained unused building space with capacity for constructing additional units, thus further increasing its value.
Located in Atlanta’s northwest suburbs, BelAire Apartments is in the immediate path of the metro’s economic growth and in line with Buligo’s continued expansion into Southeast U.S. markets. Bisected by Interstate-75, the property offers easy access to downtown Atlanta and is proximate to ‘Platinum Triangle’, which has the city’s largest concentration of class-A office space. The immediate area is also a high-barrier-to-entry submarket with restrictions on new residential construction.
Following the acquisition, Buligo Capital executed a value enhancement strategy focused on improving the asset and expanding its footprint. This included the addition of new residential units and targeted upgrades to common areas, such as shared amenities and outdoor spaces, aimed at strengthening the property’s overall positioning.
Buligo Capital’s collaboration with the local municipality played a key role in securing the necessary permits and approvals, while effective coordination with architects and contractors supported the successful completion of construction in line with the approved plans.
The asset was sold after a relatively short holding period, earlier than initially projected, reflecting disciplined execution and active management throughout the investment lifecycle.
