Life at Marketplace
Atlanta, GA | 330 Units
- 1976 Asset acquired in December 2021, with high physical occupancy (85%) and under-utilized amenities (pool and basketball court were both non-operational at time of take-over).
- Performance projections supported by a proven value-add model and a strong Atlanta submarket with 12.3% average rent growth and $66,608 median household income.
- Substantial renovation plan including upgrading approximately 50% of the units and enhancing the amenity package.
Villas at the Curve
Montgomery, AL | 393 Units
- Acquired off-market in 2021 at 40%+ below comparable stabilized properties
- Recombined two properties, originally built as one contiguous asset in 1984 & 1986
- Substantial value-add including the opportunity to rehab 129 down units
Oakwood
Sarasota, FL | 148 Units
- Class A asset built in 2016, acquired off-market in 2021 well below appraisal value and replacement cost with over 100% in depreciation benefits made available in first year of ownership
- In-place rents substantially below market with break-even occupancy at 57% upon takeover
- Performance projections supported by historic growth; population grew 25% from 2010-2019; median income increased 17%+ from 2017-2020
Retreat at Northlake
Warner Robins, GA | 115 Units
- 1967 built lakefront property situated in a quiet and well-maintained residential neighborhood.
- Value-add property accomplished through adding amenities, renovating unit interiors, and boosting low in-place rents to market.
Oakview Apartments
Warner Robins, GA | 160 Units
- 1967 built asset located next to a church and new $18M sports complex.
- Value-add property with opportunity to boost NOI by evicting non-paying tenants, boosting occupancy, and achieving higher rents through renovation.
Balfour Chamblee Apartments
Chamblee, GA | 104 Units
- 1958 built asset featuring single-story duplex construction and located in Chamblee, GA, with boasts $83k/yr average household income and $427k average home value.
- Cash flows day 1 with 99% occupancy and a low unemployment rate compared to the surrounding area (3.3% vs. 6.4% in Atlanta)
- Opportunity to push rents up to market ($60/mo-$75/mo depending on unit type)
Stonegate Apartments
Warner Robins, GA | 126 Units
- 1969 built property acquired with 94% in-place physical occupancy.
- Business plan includes modest unit upgrades to push rents, along with exterior deferred maintenance.
Stonehenge Apartments
Warner Robins, GA | 70 Units
- 1976 build with multiple floor plan options and washer/dryer connections in each unit.
- Business plan includes water conservation program, exterior painting, landscaping improvements, and upgrading unit interiors.
- New management company will increase existing low in-place rents to market, as well as push rents for renovated units.
River Oaks
Lafayette, LA | 124 Units
- 1973 asset acquired in 2021 from a self-managing entity, allowing for increased efficiencies and income optimization
- 97% occupied at purchase, cash-flowing day 1, with negligible performance variation during COVID
- At purchase, in place rents were 13%+ below average among lower quality rent comparables allowing for an immediate opportunity to boost NOI
KZ1 Portfolio
Kalamazoo, MI | 100 Units
- Consists of Austin View, Humphrey Woods, Eagles Landing.
- 70’s-built assets with 94% occupancy and cash-flowing Day 1.
- Value-add opportunity by adding amenities and simply pushing rents up to market (current rents $100+ below market rent).
- Properties are located in a desirable location with limited housing availability.
Acquisition Criteria
Property Types & Key Market Indicators:
- Workforce multi-family assets with 100+ units
- Under-performing management/ability to increase revenue through improvements in C+, B- and B properties
- Proven track record of population growth
- Strong and improving industries along with companies currently in place
- Area median income 3X+ the annual rent of subject asset
- Business-friendly climate
- Landlord favorable environment
- Established as an improving market
- Limited supply and clear areas of growth
2,100+
Units Acquired
$200M+
Assets Purchased
DISCLAIMER: This is not an offer to sell securities. Any person, entity, or organization must first be qualified by the company and read all the offering documents and attest to reading and fully understanding such documents. Edge West Capital and its affiliates are not licensed securities dealers or brokers and as such, do not hold themselves to be. This presentation should be construed as informational and not as an advertisement soliciting for any particular purpose. All securities herein discussed have not been registered or approved by any securities regulatory agency in accordance with the Securities Act of 1933 or any state securities laws.
