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Waterchase Apartments adds 278 units as residential real estate leader
continues to focus on growth through value-add multifamily investments

MALVERN, Pa.–(BUSINESS WIRE)–National residential real estate investment and management company Balfour
Beatty Communities
, recently completed the acquisition of Waterchase
Apartments in partnership with ApexOne
Investment Partners
. The 278-unit
apartment community located in Largo, FL boosts Balfour Beatty’s Florida
portfolio to more than 3,500 residential units state-wide.

Constructed in the 1980s, Waterchase is situated on 18 acres and offers
studio, 1- and 2-bedroom apartment homes and a variety of amenities
including three pools, a dog park, fitness center and newly renovated
clubhouse. The community’s ideal Largo location offers close proximity
to the area’s award-winning beaches, as well as the area’s prominent
employers including the St. Pete-Clearwater International Airport, Bank
of America and Largo Medical Center.

“Waterchase is an exciting addition to our Florida multifamily
portfolio,” said Michael Price, senior vice president of residential
transactions for Balfour Beatty Communities. “The Largo/Tampa area
features many desirable rental demographics, including a thriving job
market, and this property is ideally suited to our multifamily strategy
targeted at investing in renovation and improved property management to
increase value.”

Balfour Beatty Communities will deliver both property management and
asset management services for the property.

About Balfour Beatty Communities

Balfour
Beatty Communities, LLC
is a diversified real estate services
company delivering development, design, financing, construction,
renovation, property and facilities management services in the
multifamily, student and military housing sectors. A leader in the
industry, Balfour Beatty Communities has more than 50,000 residential
units and $6 billion in real estate assets under management and has
developed or renovated more than 29,000 units with a total value of
close to $4 billion. Headquartered outside Philadelphia, PA, Balfour
Beatty Communities has more than 1,200 employees and is a subsidiary of Balfour
Beatty Investments, Inc
.

Balfour Beatty Investments is part of Balfour
Beatty plc
, a global leader in construction services, support
services, and infrastructure investment.

About ApexOne Investment Partners

ApexOne
Investment Partners
is a privately held real estate investment firm
and fund manager. Our platform was created to isolate, acquire, enhance
and operate multifamily real estate. Our leadership brings over 150
years and $15B of cumulative real estate experience to each investment.
We identify assets where a combination of physical enhancements and
focused asset management will have a positive influence on our community
residents resulting in maximizing investor returns and mitigating
investment risk.

Contacts

Media Contact:
Maureen Omrod
Vice President, Marketing
& Communications
Balfour Beatty Communities
610-355-8136
momrod@bbcgrp.com