Southlake Cove
Southlake Cove is a 346 unit and Vineyard Pointe is a 108 unit apartment complex in the Jonesboro and Riverdale submarkets of Atlanta, Georgia. Both properties were purchased together as a portfolio. These properties were purchased for $23,900,000 in February 2019. We projected 10% cash-on-cash return and IRR of 17% upon sale in 5 years.
Our purchase price was below market value based on recent nearby sales. We also estimate increased value from finishing partially implemented upgrades, adding additional services, improving management efficiency, and valuable appreciation from the local economy. These properties have also been very popular with tenants since built, with below average turnover and delinquency, to maintain high occupancy rates.
These properties were sold in March 2022 with a realized IRR of 24%
| Purchase Price | $23,900,000 |
| Expected Internal Rate of Return | 17% |
| Actual Internal Rate of Return | 24% |