Case Studies
Charlotte, NC
Forest at Chasewood
Investment Summary
Property
220 unit multifamily property located in an emerging section of the Charlotte market.
Pricing
,Acquisition Price: $8,325,000
Sale price: $12.8 Million
Strategy
- The Forest at Chasewood was an underperforming multifamily property. Our due diligence confirmed that the physical asset was in fair condition and that property management was lacking. However, the location was clearly improving with new developments in the immediately surrounding area.
Opportunity/Highlights
- The Forest at Chasewood was acquired from a lender in June 2013. After acquisition, we implemented a capital improvement plan that significantly increased occupancy. Through property management efforts we were able to reduce expenses leading to bottom line growth.
- Within twelve months, the NOI increased dramatically, and after 18 months of solid performance, the property was sold for $12,800,000, resulting in an IRR in excess of 50%.
- The asset was built in 1985 and was undergoing upgrades to the common areas, building exteriors and amenities, as well as physical improvements to the unit interiors
- The Forest at Chasewood is located in a growing part of Southeast Charlotte and is approximately five miles from Southpark Mall
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