This case study describes the acquisition and renovation of a distressed multi-building apartment complex consisting of 99 buildings with 371 units. Key actions taken included negotiating the acquisition of all buildings, managing renovations, re-zoning the property, increasing occupancy and rents, and ultimately selling the property for a $13 million profit after 2 years of ownership.

1. Case Study
FACTS
• 99 Separately Deeded Buildings
• 371 Units
• Vacant and Distressed
• Improperly Zoned

2. 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

3. 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

4. •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

5. Renovation Highlights
5

6. New Interiors
6

7. New Playground
7

8. New Pool
8

9. New Mailbox Kiosk
9

10. Fitness CenterCyber Cafe
New
Leasing
Office
10

11. Parkside at East AtlantaResidential Lots
Lakeside Apartments

12. 12
BEFORE

13. AFTER

14. 14
AFTER