Adams Investor Group announces biggest and most ambitious acquisition to date
Adams Investor Group (AIGP) is very pleased to announce the purchase of their largest and most promising apartment complex yet.
East Ponce Village (EPV) f/k/a 13Ten Apartments, a 977 unit garden-style apartment complex located in the much sought after and prosperous Stone Mountain area of Atlanta, GA, was carefully chosen after detailed analysis, research and a thorough vetting process of many potential acquisitions.
“I’m both proud and grateful that every single one of AIGP’s investments has significantly outperformed our expectations,” states Brian Adams, founder and chief organizer of AIGP.
“What this means is that when we finally stick a pin on the map to buy deals, the expectation is very high for us to choose the very best investment opportunities in Atlanta.”
The greater Atlanta area has produced the best investments for AIGP going back as far as 2016.
EPV will be the sixth multi-family property purchased in Atlanta and each AIGP deal has been profitable for the group in both cash flow and fantastic investor returns.
EPV has all the right ingredients to stand at the head of a very prestigious line of other AIGP deals.
EPV is a 977 unit complex with beautiful mature grounds and unique amenities that include both indoor and outdoor pools, three racquetball courts as well as two large clubhouses. 18 different 1 and 2 bedroom floorplans offer residents modern units with washer and dryer hookups.
Although the property is already desirable, AIGP has identified several areas where immediate and longer-term improvements can be made both for the benefit of the residents as well as for the AIGP investors.
“We don’t just want a property that’s well priced and stable,” Adams continues, “That’s just the beginning. What really makes an exciting and attractive opportunity for our accredited investors is the potential for cash flow and significant upside…and EPV offers just the right mix.”
The property was purchased for $75 million and $37.5 million raised for the down payment, closing costs as well as funds for capital improvements.
AIGP will institute a 3-pronged value add plan that incorporates the following:
Improve the income stream:
Currently, EPV’s average monthly rent per unit is around $824. The average market rents for similar properties is over $200 per month higher and over the course of the next few years, AIGP will bring all rents to market and add tens of millions to the property’s value.
Additionally, AIGP plans to increase overall occupancy and there are additional income streams to be tapped from within the property itself.
Property improvements:
AIGP will make strategic interior and exterior upgrades to increase the perceived value of EPV which in turn drives up desirability, demand and justifies higher rents.
The interior unit upgrade program will include black appliances, brushed nickel hardware/fixtures, resurfaced or new countertops, new or refaced cabinets, full paint, modern lighting package, flooring and 2” blinds.
And select units will get the “Platinum Unit” upgrade package with granite counters, stainless steel appliances, nest thermostat, higher end finishes, etc. to see how far rents can be increased.
Operational streamlining:
AIGP has long maintained a win/win relationship with Provence Real Estate, a third-party property management company in Atlanta. Through their expertise, operational incomes will be improved at EPV through the application of increased tenant retention, employee performance and limiting expenses.
Through these value add strategies, AIGP believes EPV will be among its most promising investment if not best ever.
Apartments have long proven their value as solid investments with the perfect blend of cash flow, equity build-up, tax benefits and more.
EPV is just one more shining example of how AIGP’s expertise, diligence and carefully cultivated relationships continue to drive its success and the financial success of those who invest with AIGP.
