|Building Area Net||
|Number of units||1993|
Jones Lang LaSalle (“JLL”) is exclusively retained to present the sale of The Southeast Value-Add Multi-Housing Portfolio, a six-asset garden-style apartment portfolio (the “Portfolio”) spanning three southeastern states. The Portfolio comprises 1,993 units in the desirable, fast growing markets of Jacksonville, Spartanburg, and Winston-Salem. With significant capital expenditures by the current owner in place, the Portfolio offers a tremendous opportunity to invest in a geographically well-positioned assemblage of value-add assets within Florida, North Carolina, and South Carolina.
- The Properties within the Portfolio have been built between 1962 and 1985. Occupancies are trending towards fully stabilized as management underwent massive renovation programs at all properties.
- Through a combination of active and strategic asset management, the Portfolio will provide attractive and stable returns to investors.
- The six assets that encompass the Portfolio have had over $15,500,000 in capital expenditures & 59% of units renovated over two years being significantly improved since current ownership’s acquisition.
- By continuing the renovation programs and as well as capitalizing off the rapidly growing markets, new ownership should expect strong operations upon stabilization of the assets.