Atlanta Portfolio Presentation
This fantastic value-add opportunity is located near Atlanta, GA and consists of a portfolio of 94 units across 21 buildings in 2 properties.
On average, the current rent is ~$140 below market rate for units with a similar interior. After renovations, the rents can grow up to an additional $100 to meet market rates for renovated units.
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Targeted Equity Multiple
The opportunity begins with improving operational inefficiencies
Physical vacancy of 90% & 94%; economic vacancy of ~25%
Current expense ratio of ~60%
Current average rent of $553 (T12), which is ~$140 below market
Significant capital investment; repositioning to serve workforce
CapEx budget of ~$12,000/ unit to add a rehab premium of $100/unit
In the past the properties have not been advertised
Put in place new property management
Renovation of interiors; update kitchen, floors, appliances, etc.
Exterior improvements to improve the curb appeal, and to provide the basis for early rent bumps
Install professional 3rd party marketing company, SMP
Workforce housing is a high-demand/low-supply market segment
Implementation of utility reimbursement from tenants (RUBS)
Ability to raise rent by ~$240
Increase of NOI by ~$240k by year 5; ~$4MM valuation increase
Year Built: 1986
West Lake Crossing
Year Built: 1974
Located about 70 miles southwest of Atlanta, LaGrange is a growing city with a small-town atmosphere in Troup County. Historical attractions are plentiful in LaGrange, containing the Hills and Dales Estate, Biblical History Center, and the LaGrange Art Museum. LaGrange is also home to LaGrange College, the oldest private college in Georgia.
Situated in the foothills of the Georgia Piedmont, LaGrange is steeped in natural beauty. Recreational opportunities abound at Boyd Park and nearby West Point Lake. Getting around from LaGrange is simple with access to U.S. 27, U.S. 29, I-85, and I-185 as well as Hartsfield-Jackson Atlanta International Airport.
We Are Multifamily Investment Professionals
With a combined 100+ years of experience and $300MM in closed multifamily transactions, we have the subject matter expertise, key relationships, and proven track record to execute profitable deals.
We are opportunistic investors focused on creating long term value. We stress test our deals and use leverage carefully to create sustainable cash flow and limit our risk.
Closing a deal, while challenging, is the easy part. Executing on the business plan is the hard part. It takes perseverance and persistence to achieve what we set out in our underwriting.