212 units in Stone Mountain, GA

[Elijah Vo]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Atlanta.

Purchase price: $14,200,000

Sterling Chase is a 1983 built-asset that is well-located, and highly occupied property with strong in-place cash flow. Residents also enjoy easy access to I-285 204,000 vehicles per day), which facilitates quick commutes to major metro employers. In addition to being located on a major internal thoroughfare, the property provides easy access to numerous amenities nearby including grocery, gas stations, and restaurants.

What made you interested in investing in this type of deal?

The previous ownership had renovated several units and leased them at a $100 premium, which allowed us the opportunity to continue interior value add, upgrade amenity package, and push rents to match existing markets.

How did you find this deal and how did you negotiate it?

Broker relationships

How did you finance this deal?

Agency debt

How did you add value to the deal?

We infused approximately $950K into interiors/exteriors, which allowed us to finish out the existing value-add package. By doing this, we were able to hit our 6yr proforma in under 3yrs, returning nearly 100% back to investors.