Financial Performance:
Acquisition Price: $2,750,000
Disposition Price: $2,895,000
Total Capital Invested: $550,000
Total Cumulative Distributions:$457,336
Net Sale Proceeds: $810,594
Annualized Return on Investment: 28.82%
Description:
Northside Gardens is a market rate, multifamily apartment community located in Warner Robins, GA. This property contains 32 single-story buildings which feature one-bedroom, two-bedroom, and three-bedroom floor plans. The 18 acre site is abundant with indigenous pine trees creating a peaceful, campus-like atmosphere for residents. Community amenities include two swimming pools, a laundry facility, a community clubhouse, and two tennis courts.
MPC Strategy:
In 2006, McKee Private Capital expanded into the Southeast region of the U.S. with the acquisition of Northside Gardens. MPC purchased the real estate at a significant discount to replacement cost alongside one equity partner. Property operations remained stable throughout MPC’s holding period providing investors with consistent monthly cash flow for nearly nine years. Given the age of the asset, and impending capital investment requirements, MPC made the decision to sell in January, 2015, realizing a profit on the sale. Sale proceeds, coupled with the years of cash flow provided our ownership entity with an internal rate of return in excess of 10% over the term of the investment.
