Total Units: 126
Targeted IRR: 15.8%
Purchased in March 2019, this 126-unit property is in a growth area with a new Amazon distribution center and industrial warehouses nearby. Tired management and under market rents provided an excellent value-add opportunity. We rebranded and repositioned the property, boosted occupancy, increased rents, and refinanced the asset within 16 months post-acquisition. The renovation and repositioning strategy brought new life to the underutilized property.