INVESTMENT REALIZED EDEN
- Asset was owned and operated by mom & pop investor.
- There was no technology being used upon purchase and rental rates had not been activity managed in years.
- The property lacked many amenities that most customers expect (a website that accepts online payments & rentals, a call center that handles after hours issues and a property that has a clean/welcoming look.• 5050 SP completed $225K in capex (upgraded lighting, select/door & roof replacements, access controls and technology that allowed for online move‐in, and payments.
- In 23 months the NOI grew by 102%.
- Purchase Price: $3.95 Million
- Capex Budget: $225K
- Total Capitalization: $4.15 Million
- Strategy: Better operations and build a portfolio in the immediate to sale
- Project Size: 60,000 NRSF / 550 Units
- Capital Partners: Friends/Family/Syndication
- Investor Net IRR: 65%
- Investor Net Equity Multiple: 2.6x
- Hold Period: 23 Months
- Sold to: Out of State buyers that also purchased the Martinsville stores
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