AirHaven Atlanta Georgia
The Quintessential Ugly Duckling
Value Add With A Surprise
Under Valued - Under Managed - Under Occupied - Under Utilized
Air Haven
This 57 Unit complex was introduced to us through a property management company. This same company would not only win the bid for taking care of the property they also went in on the deal and now own equity in this project which aligns our interest in the most efficient property performance.
Simple Plan
Clean up the Property
Paint the Interior/Exterior
Mild Renovations
Stabilize and Systematize
Upon Acquisition
12 of 57 units where being used as storage units
All Door Keys where Kept in a Coffee Can
The Property was Full of Trash
All Accounting was done on a white board
There was an unused billboard towering above the property
After Acquisition
From Day one we have been executing our business plan and so far 8 of the 12 units are now renovated and rented at market rate.Average cost $3,000 per unit. Renovations Increase rent by $250/unit/month
There are now systems in place for everyday operations
The Billboard is Leased raising NOI by $24,000 per year
Current tenants are noticing the improvements and are asking to move into renovated units at the new market rates.
Before
After
