GAINESVILLE, Ga., Oct. 17, 2014 /PRNewswire/ — Gainesville’s Edgewater on Lanier apartment community has a new owner, new manager and new plans for a luxurious renovation.

The Griffin Fund, a privately-held residential real estate investment firm, recently acquired the 180-unit community, located on the shores of Lake Lanier in Gainesville. The firm says that planned renovations and upgrades will make the lakefront community one of the most appealing in the area. Griffin has chosen Stonemark Management to manage the asset.

“After the renovation, Edgewater will be one of Gainesville’s finest apartment communities, offering superior views and access to the lake – together with a full and updated amenity package,” said Griffin Fund General Partner Elia Zinn. “We see great potential to add value to the community.”

Griffin Fund, which paid $8.4 million for Edgewater on Lanier, plans a $2 million renovation program. The deal closed Sept. 11.

Luxurious new features to be added include a gathering spot overlooking the lake which will have gazebos, a BBQ area, oversized lookout terrace, lakefront park and playground. The community’s dock will offer short-term boat parking and direct access to the upgraded pool area. A brand new fitness and lounge area, as well as a new business center, will all face the lake. The pet-friendly community will also get a new dog park.

The outside of the buildings will be completely refurbished, including new landscape design and greenery. Renovations planned for the interiors include full kitchen upgrades including brand new appliances, floorings and other modern enhancements. Griffin Fund says it will take extra care to be environmentally conscious during the vast renovations, which are expected to begin in the next few months.

Griffin Fund says it chose Stonemark to lease and manage the community based on high recommendations and its strong reputation in the multifamily real estate industry.

“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. “This asset enjoys a superior location, and the physical enhancements will add tremendous value to this investment.”

Edgewater is located on Old Thompson Bridge Road in Gainesville. For more information, visit www.edgewateronlanier.com.

About The Griffin Fund

The Griffin Fund is a privately-held real estate investment firm dedicated to acquiring and rehabilitating residential multifamily assets across the country. It specializes in the acquisition of value-add projects, seeking to add value through rigorous upgrade programs and significantly-improved product offerings. Contact The Griffin Fund at info@griffin-fund.com.

About The Stonemark Group

The Stonemark Group focuses on the acquisition, financing, ownership, management and disposition of multifamily real estate investments in the Southeastern U.S. and Texas. The group includes Chicago-based Stonemark Equities and Atlanta-based Stonemark Management. For more information, visit http://www.stonemarkmanagementllc.com.

Photo – http://photos.prnewswire.com/prnh/20141017/152776

SOURCE The Griffin Fund