ATLANTA-Waterton Residential has snapped up Parc Alpharetta, an upscale luxury property in Alpharetta. The class A, age-restricted rental community was constructed in 2008. Financial terms of the deal were not disclosed.

Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture, closed on the property on June 1. The acquisition marks Waterton’s first age-restricted apartment community grab.

“We like the Atlanta market and particularly we really like the Alpharetta submarket,” Max Peek, vice president of acquisitions for Waterton Residential, tells GlobeSt.com. “Alpharetta is an affluent suburb with a very significant concentration of employment nearby. From a demographics standpoint, we feel this is a good niche and going forward the trends for this segment of multifamily tenants is favorable.”