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Devencrest & Somer Park

1833 Liberty Expressway, Albany, GA ALIA

Two distinct opportunities to acquire under-performing assets with significant upside through proactive management, reduction of expense and renovation of park owned home inventory. Combined they had 102 lots, set in a picturesque setting with abundant landscaping and trees. After effective management and renovation, the properties were brought up to stabilization and sold in the third quarter of 2016. The net operating income at each property had increased by over 40% at the time of disposition.

  • NO. OF LOTS: 102
  • ACQUISITION DATE: ACQUISITION DATE: April 2013
  • ACQUISITION PRICE: $125,000
  • RENOVATION COSTS: $92,000
  • HOLD PERIOD: 36 months
  • LEVERED IRR: 28%
  • PROJECT LEVEL EQUITY MULTIPLE: 2.8x
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