Beacon Pointe Apartments

This 94-unit complex is located in one of the top markets 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 was centered less around increasing rents and more around improving the interior units and exterior improvements to stabilize the asset (higher than normal vacancy at purchase).  At the end of Y1, the fund was able to have a cash out refinance that was able to pull out ~70% of investor equity.

This once distressed asset (high vacancy, high deferred maintenance, high delinquency) is now performing strongly with occupancies that are regularly north of 95% and with heavily renovated interior units.  Birmingham is a large 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.