PE Deals

Legacy and Fulton acquire Virginia apartment community Water’s Edge

Water's Edge was built in 1986.

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  • Legacy has invested in 78 properties in 19 states with a total cost basis of $2.24 billion
  • Since October 2009 Legacy has invested exclusively in for-rent multifamily properties
  • Fulton Peak is focused on acquiring, repositioning, and operating rental housing properties throughout the Mid-Atlantic and Southeast

Legacy Capital Partners and Fulton Peak Capital recently acquired Water’s Edge Apartments, a 190-unit apartment community in Norfolk, Virginia. No financial terms were disclosed.

Water’s Edge was built in 1986.

“We’re very happy to close our second acquisition with the Fulton team and expand our presence into the Hampton Roads market with a partner who currently owns multiple assets there,” said David St. Pierre, co-founder and executive director at Legacy, in a statement. “In the current economic climate, we are fortunate to acquire an asset like Water’s Edge and we look forward to executing our value-add plan to further enhance the community.”

Legacy has invested in 78 properties in 19 states with a total cost basis of $2.24 billion. Since October 2009 Legacy has invested exclusively in for-rent multifamily properties.

Fulton Peak is focused on acquiring, repositioning, and operating rental housing properties throughout the Mid-Atlantic and Southeast. Headquartered in Raleigh, North Carolina, Fulton has acquired a $169.5 million multifamily portfolio with 1,300 units across 16 properties.