The seller brought management of 4,400 nationwide units in-house simultaneously and has struggled with operations. These properties, among others, were bought at high occupancies and subsequently vacated to renovate interiors on large scale. The seller’s foreign equity is now forcing a sale due to non-performance, thereby allowing us to acquire his properties at an attractive basis.
Villas at the Curve and Eagle Landing were built from 1984-1986. The two properties are contiguous and are nearly indistinguishable in style and layout. The properties will be combined under a new name and all leasing activities will be conducted from the current Eagle Landing leasing office towards the very front of the property.
Eagle Landing (129 units) is nearly vacant due to a failed attempt by the seller to renovate all units at once. These units will be renovated and substantially leased within 6 months of takeover.
Villas at the Curve has 180 classic units that will achieve rent premiums from $120-185 after a cosmetic renovation of $7,000 per unit.
Due to extreme operational inefficiencies, this property is being bought at a very attractive basis of $43,893/unit. With a conservative exit cap rate of 7.0% our exit basis will be ~$73,000/unit.
The properties are located in the Southeast Montgomery submarket. This C/C+ submarket is well established and provides convenient access to retail and office corridors. Median household income in Montgomery Country is $47,990.
Think Multifamily and their property management partner, Multi-South Management Services, currently own and operate 176 units in Montgomery, AL with another 200 units currently under contract. In addition, the Sponsors own and operate over 7,000 B & C class multifamily units throughout the Southeast.
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