Avery Townhomes

This 220-unit property was secured off market through a relationship with the sales broker, before it was distributed to the wider buyer pool. While the price per unit aligned with market comps, the large unit sizes, averaging 1,346 square feet across primarily 2 and 3 bedroom layouts, offered a compelling discount on a per square foot basis.

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Located near major employment hubs including the Atlanta Airport, the property was positioned to benefit from strong rent growth. With occupancy above 90 percent at acquisition and most units still in original condition, the asset presented a clear value-add opportunity. The Sponsor completed targeted renovations on a sample of units to establish a proof of concept, positioning the property for a premium exit. The investment was realized in just 16 months, generating a 92% IRR and a 2.4x equity multiple for investors.