Date post: | 06-Aug-2015 |
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Case Study
FACTS
• 99 Separately Deeded Buildings• 371 Units• Vacant and Distressed• Improperly Zoned
Value Adds
• Negotiated and Acquired all Buildings• Created and Maintained Renovation Budget• Managed all Lender Relations• Assumed General Contractor Role• Managed Permit and CO Process• Designed and Built Pool, Entrance, Leasing Office, Units and
All Amenities• Successfully Rezoned Property• Renegotiated Taxes• Located and Managed $380,000 GA Power Rebate Program
Value Adds
• Negotiated $87,000 reduction in Water Bill• Negotiated Comcast Marketing Incentive Program $35,000• Hired and Managed Property Management Staff• Created Parkside Perks Marketing Program• Created and Maintained Operating Budget• Reached $1.8M in NOI with 5 Rent Increases in 2 Years• NOI 21% above Budget• $26M Sale Price• $13M Profit
•Acquisition - $2.75M•Renovation - $11.1M•2nd Year NOI - $1.8M run rate•1.9 miles from East Atlanta Village•6 rent increases since summer 2013 opening•Sale Price $26M, December 2014
Parkside at East Atlanta
4
Renovation Highlights
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New Interiors
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New Playground
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New Pool
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New Mailbox Kiosk
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Fitness CenterCyber Cafe
New Leasing Office
10
Parkside at East AtlantaResidential Lots
Lakeside Apartments
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BEFORE
AFTER
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AFTER