Beacon Pointe Apartments

This 94-unit complex is located in one of the fastest growing MSAs in the Southeast (Birmingham, AL).  We were able to purchase this asset from a distressed seller at an amazing basis of $71K/unit.  The project plan centers around improving the interior units and exterior improvements to stabilize the asset (higher than normal vacancy at purchase) and performing a cash-out refinance at the end of year 1.

Birmingham is a rapidly growing market in a state that we have a strong presence in, so our excitement is high about the long-term rental market in this area.