Projects

2175 Lenox Road NE

Atlanta, GA

This property was an assemblage of 15 parcels with 30 unrenovated 1960’s vintage garden style apartment buildings. At acquisition, the asset class was C/D, and the in-place rents were 40%+ below market due to existing condition and positioning. The investment strategy was to reposition to a B asset class and capitalize on the centralized or “bullseye” location within the City of Atlanta. The property is conveniently located in Morningside nestled between 3 primary employment and entertainment hubs of Buckhead, Emory/Decatur, and Midtown. 

370 Grove Ave

West Deptford, NJ

The Cove at Riverwinds Apartments is a 55+ active adult rental community,

located within the city limits of West Deptford, Gloucester County, New

Jersey. The Property has a total of 199 units, with a strong unit mix of

one and two-bedroom units. The prior ownership had renovated seven units with a deluxe kitchen package.

With increased demand for those units, the plan was to methodically roll out

upgrades as an option to tenants at lease renewal for additional rent, as well

as systematically upgrade vacant units during turnover. The program has been highly successful resulting in average rents increasing over $350/month. 

940 Piedmont Ave NE

Atlanta, GA

Studio9Forty was acquired as a 12-unit 1920 built property located at the Southwest corner of Atlanta’s best-known park, Piedmont Park, in the walkable city center of Midtown. While the building’s location was prime, the property needed to be renovated to realize its true potential.  The investment strategy was to reposition the asset to a luxury boutique community and increasing the unit count to 24 studio and one-bedroom units.  The plan also provided for furnished units that gave tenants the optionality of purchasing Short Term Rental (STR) permits catering to traveling professionals who wanted to monetize their units when they were out of town. This “new-to-the-market” program proved to be highly desirable and resulting in a 30-day lease up far exceeding pro-forma rents.

228 Morrow Rd

Forest Park, GA

Laurel Pointe Apartments consists of 593 units across 64 separate buildings located in Forest Park, GA. Each unit contains a range/oven, refrigerator, dishwasher, washer/dryer hook-ups (townhouse units only), carpet and tile floor coverings, blinds and patio. The plan was to implement a value add program as part of a portfolio of more than 1,000 units over a 10 year period. The strategy was executed in only 3.5 years and investors realized a 33% IRR and 2.7 capital multiple (both of which exceeded the original proforma). 

2040 Ashley River Rd

Charleston, SC

The Lily is a two-phased garden style community built in 1972 with a second phase added in 2003. The property is well located in the West Ashley submarket of Charleston, SC with easy access to employment hubs like the downtown peninsula and North Charleston. Roughly 50% of the units were renovated at the time of acquisition with plenty of upside on in-place rents through improved operations. The remaining classic units are in the process of receiving an elevated renovation scope that is resonating with the target market resulting in significantly above pro-forma rents. 

1800 William Kennerty Dr

Charleston, SC

1800 Ashley West is a 209 unit garden style community built in 1980.  The property is conveniently located in the Wesley Ashley submarket, just minutes from charming downtown Charleston, the ports region, and the booming North Charleston job markets.   At acquisition there were 35 non-renovated  units and opportunity to add two more one-bedroom units.  We swiftly executed on a robust common area and amenity enhancement plan, which yielded above proforma rents on non-renovated product.  Our premium upgrades have been successfully absorbed in alignment with our business plan and we anticipate stabilization by end of 2023.