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Paradise village

600 Holly Drive, Albany, GA

Opportunity was to acquire an extremely distressed asset in Albany, Georgia through the fee simple purchase out of a bank owned REO sale. The property was approximately 84% vacant at close of the acquisition and required an extensive renovation of the common areas and of the park-owned homes. We executed on a re-positioning plan to cure the deferred maintenance, enhance the property and create a safe, welcoming environment for families living and moving into the property. Within a two-year period, we created such an environment, increased the occupancy and cash flow and were able to sell the property and distribute a strong return to the investors.

  • NO. OF LOTS: 227
  • ACQUISITION DATE: April 2013
  • ACQUISITION PRICE: $280,000
  • RENOVATION COSTS: $640,000
  • HOLD PERIOD: 36 months
  • LEVERED IRR: 22.45%
  • PROJECT LEVEL EQUITY MULTIPLE: 3.9x
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