In 20 Months Created Over $5 Million in Value
Adams Investor Group (AIGP) is pleased to announce the recent sale of Flint River, a 200 unit apartment complex sold for $13.1 million located in Jonesboro, Georgia a suburb of Atlanta.
For nearly a decade now, Atlanta, Georgia has been one of the most fertile grounds for apartment investing in the U.S.
A strong and growing economic base, a solid job market with many leading industries and good schools from elementary to continuing education, has made the Atlanta metro area one of the country’s most desirable spots to live.
“Atlanta has just got it all going on right now,” comments Brian Adams, founder and operator of Adams Investor Group (AIGP), “Everyone who’s chosen to participate in our syndications has profited in a big way from cash flow to big equity pay offs.”
In November 2016, AIGP acquired Flint River Crossing Apartments for $8 million. Flint River is a 200 unit garden style apartment complex situated on 30 mature acres.
While Flint River Crossing was already a decent property, it had some built in issues – issues that when corrected would add tremendous perceived value for the tenants as well as add millions in equity to the property itself.
“Flint was producing some cash flow when we bought,” says Adams, “But we knew that with a little effort, some elbow grease and a $700,000+ upgrade investment, we could turn a good property into a real gem – and it worked like a charm.”
When purchased, Flint River was an under-performing asset with rents well below market due in part to the property lagging behind in the quality of its interiors.
AIGP put together a strategic capex plan to do quality interior and exterior renovations that included:
- Faux granite countertops
- New appliances
- Modern fixtures
- New flooring
- New Roofs
This allowed AIGP to increase the rents to market, almost a $100 per unit.
“We always look for deals where there is a way to add value,” Adams continues, “Because not only does it boost the property’s resale value, it also adds instant cash into everybody’s pockets. And it also makes for a much more pleasant and desirable living situation for our tenants.”
“At AIGP, we believe very strongly in taking care of our residents. Happy tenants who see that their management team is doing something to improve their lives have a far better rent payment track record after all. And great tenants are the life blood of our business.”
AIGP is pleased to announce that after these upgrades, rental increases and other management decisions, Flint River Crossing Apartments was sold for $13.1 million.
In only 20 months of ownership, AIGP added more than $5 million in value to Flint River generating a huge profit for all of the investors.
AIGP continues to seek new deals that generate long-term wealth and tax advantages for its investing partners.