Projected IRR
46%
Projected Hold
3 Years
Year Acquired
2024
Located in a market that is projected to have strong long-term growth, this 174-unit asset is our second purchase in the last 6 months in the Birmingham, AL MSA. Built in the late 1970s, we'll aim to create a fresh look on the interiors with our new LVP flooring, new appliances/fixtures, fresh paint, and new granite countertops throughout. While the exterior of the property is in good condition, we'll look to enhance the curb appeal by installing new playgrounds, adding a dog park, enhancing the community center, adding pickle ball courts, and installing a fitness center - along with a fresh coat of paint throughout the property showcasing a new/revitalized look to the local community.
Purchased in December 2024, this asset was extremely distressed at acquisition. At a purchase price of $75k per unit, our confidence is high that the asset can trade north of $110k per unit at completion of our project plan.
741 Merritt Capital Dr. Ste 104
Wake Forest, NC 27587
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