One 18 Place
The Heights
December 12, 2020Stonleigh Court
June 10, 2022
- Location: Jacksonville, NC
- Units: 236
- Year Built: 1973
- Acquired: March 2021
- Projected Hold Period: 3 years
- Role: General Partner
- Average Cash on Cash Return: 11%
- Total Return: 110% in 3 years
Description
This property previously known as Osprey Cove North is a 1973 construction, has 236 units and was family run till acquisition. This opportunity was in a growing submarket with a buoyant economy and solid fundamentals. As at the time of acquisition, the in-place rents were 20% below market. The business plan was to implement a proven value-add strategy that allowed the team to drive up the rents to market level. Jacksonville has some unique market dynamics: 68% renter population, rent growth of 15% per year and lack of new deliveries. The property closed in March 2021. The property has performed well with scheduled distributions for the past 6 quarters! The property has grown in value and plans are to sell in the next 6 months.