Riverwalk Townhomes

Riverwalk Sign 4-13-15

Location

Riverwalk Townhomes is located in southern Columbus, GA near Fort Benning.

Description

Riverwalk Townhomes is a solid “C” class property in Columbus, Georgia, which was ranked number 4 on the 100 Best U.S. Cities in which to Raise a Family by Best Life Magazine. The property consists of nine two-story buildings, totaling 75 units on approximately 9.5 acres of land in a quiet residential area near the Chattahoochee River Walk . Riverwalk Townhomes was built in two phases, one in 1966 and another in 1978.

Acquisition and Strategy

The Property was operated by the original developer until his passing approximately 10 years ago. Since that time it had been operated by his surviving spouse and her daughter. The Property had been poorly managed by her and was allowed to slip gradually into disrepair and, ultimately, into its state at acquisition where only approximately 25% of the units were occupied.

There were foundation and plumbing issues associated with two of the buildings, but otherwise, the buildings were solid and the original character and charm of the individual units remained visible despite their state of disrepair. We obtained bids on the major work necessary to fix the foundation and plumbing issues and further renovate the property. We achieved 95%+ occupancy shortly after the renovation was complete.

Our plan was to begin with renovations immediately upon acquisition and to quickly execute a repositioning and lease-up strategy as units became ready to lease. We achieved 95%+ occupancy within 12 months and obtained institutional financing within 18 months to repay a significant portion of investor capital. We expected to operate the Property for an additional 4 to 5 years, during which time we have distributed available cash from operations to investors. After approximately five years from the purchase of the property, we expect to offer an exit strategy for investors through either a sale or a refinancing and recapitalization; the latter subject to a vote of the Members.

Statistics

  • Purchase Price: $750,000
  • Units: 75
  • Price Per Door: $10,135
  • Financing: 77% equity, 23% short term debt
  • Investor Equity: $1,375,000
  • Total Raise: $1,600,000
  • GRM: 2.73
  • Pro-Forma 5 Year IRR: 23% after disposition
  • Acquisition Date: Jan 2013

Current Status

Renovation has been completed at Riverwalk Townhomes, including pool resurfacing, landscaping, a new monument sign, partial new roofs, foundation repair, full parking lot overlay, the addition of gate controlled access, and extensive interior renovations. The “new” property has been very well received by the market. Prospective residents have been impressed with the units, and we have maintained 100% occupancy (up from about 25% occupancy at takeover) for approximately the last 10 months. In July 2014 we completed a cash-out refinance, returning investors a majority of their initial investment.

 

 

 

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