We Closed Our 36th Deal!
Freedom partnered with Sureste Partners to acquire a 165-unit two story garden style apartment community. Located in College Park, Georgia, St. James Place is comprised of 13 one-bedroom and 152 two-bedroom units with a unit size of 1125 square feet. The purchase price of the property was $14,190,000 or $86,000 per door.
College Park is a market on the rise, that gained attention from major developers and class A&B retailers We Closed Our 35th Deal, Wilton Pointe! for its desirable location. There is also anticipated growth based on its easy access to Hartsfield Jackson Atlanta International Airport. With the airport employing approximately 60,000 people, College Park has become the largest employment district in the state.
Freedom’s Business Plan
The property resides on 18.67 acres of expansive space for additional amenities and possible additional units. The seller has already renovated 122 units and has kept the property in good condition. We are planning to renovate the remaining 43 units over the first year with $500,000 of capital expenditures budgeted. The property’s exterior will undergo upgrades in landscaping, signage and windows.
The property required a $4.5M equity investment and a $12.1M bridge loan. Freedom projects a 24% IRR and a 2.2x equity multiple to Limited Partners assuming a sale in 5 years, and is anticipating a projected sale price per unit by then is $140,874.
Freedom is committed to acquiring and developing workforce housing constructed in the 1970s and 1980s in growth markets.
To learn more about passive investing in real estate visit us at www.InvestWithOurFamily.com.