Portfolio Acquired

Life at Marketplace
Atlanta, GA | 330 Units

A large building with cars parked on the side of it.
  • 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

A brick building with a balcony and steps leading to the front.
  • 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

Sarasota, FL | 148 Units

A building with flowers in the front yard
  • 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

A duck swimming in the water near some trees.
  • 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

A house with a tree in front of it
  • 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

A house with flowers growing in the yard.
  • 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

A brick house with bushes and trees in front of it.
  • 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

A building with stone columns and bushes around it.
  • 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

A large building with many windows and balconies.
  • 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

A gray building with a balcony and green grass.
  • 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
A row of houses with blue sky in the background.


Units Acquired


Assets Purchased

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