Park Place is a 198-unit property located in a great area (Peachtree) of Atlanta. In this area, there is high demand for and limited of quality multifamily units.
We saw the upside potential of this asset and purchased the property in March 2016. Then we planned and managed an extensive renovation of the property. The renovation included upgrading the pool and tenant club, building a new gym, implementing large-scale landscaping of the grounds, and completely renovating two thirds of the units. Following the renovation, the value of the property increased to the extent that we were enable to sell it at a yield of 31.14% IRR.