Portfolio
Atlanta, Georgia | 330 Units
Montgomery, Alabama | 393 Units
Montgomery, Alabama | 393 Units
- 1976 Asset acquired in December 2021, with high physical occupancy (85%) and under-utilized amenities (pool and basketball court were both non-operational at time of take-over).
- Performance projections supported by a proven value-add model and a strong Atlanta submarket with 12.3% average rent growth and $66,608 median household income.
- Substantial renovation plan including upgrading approximately 50% of the units and enhancing the amenity package.
Montgomery, Alabama | 393 Units
Montgomery, Alabama | 393 Units
Montgomery, Alabama | 393 Units
- Acquired off-market in 2021 at 40%+ below comparable stabilized properties
- Recombined two properties, originally built as one contiguous asset in 1984 & 1986
- Substantial value-add including the opportunity to rehab 129 down units
Sarasota, Florida | 148 Units
Montgomery, Alabama | 393 Units
Lafayette, Louisiana | 124 Units
- Class A asset built in 2016, acquired off-market in 2021 well below appraisal value and replacement cost with over 100% in depreciation benefits made available in first year of ownership
- In-place rents substantially below market with break-even occupancy at 57% upon takeover
- Performance projections supported by historic growth; population grew 25% from 2010-2019; median income increased 17%+ from 2017-2020
Lafayette, Louisiana | 124 Units
Lafayette, Louisiana | 124 Units
Lafayette, Louisiana | 124 Units
- 1973 asset acquired in 2021 from a self-managing entity, allowing for increased efficiencies and income optimization
- 97% occupied at purchase, cash-flowing day 1, with negligible performance variation during COVID
- At purchase, in place rents were 13%+ below average among lower quality rent comparables allowing for an immediate opportunity to boost NOI
Dalton, Georgina | 78 Units
Lafayette, Louisiana | 124 Units
Dalton, Georgina | 78 Units
- 1973 built asset acquired in 2020 off-market from family ownership at 22% below comparable sales prices
- Uniquely situated asset between Atlanta and Chattanooga, in “Freight Alley” (boasting the highest concentration of freight service companies)
- At purchase the property had not been improved for some time, allowing for rehabbed units to be leased at 30-35% higher than in-place rents
Lubbock, Texas | 173 Units
Lafayette, Louisiana | 124 Units
Dalton, Georgina | 78 Units
- Two off-market 1973 built assets acquired as a portfolio in 2019 substantially below appraised value, enabling additional exit options
- In place rents 18%-25%+ lower than lower quality rent comparables whose average unit sizes are substantially smaller
- In place ownership severely mismanaged, screened tenants ineffectively and had accrued unnecessary deferred maintenance, allowing for a more favorable acquisition terms and performance upside
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