INVESTMENT HIGHLIGHTS 

• Receivership Sale

  Unique opportunity to acquire an asset in receivership with significant upside potential. Hairston Woods is a well-maintained asset with improving fundamentals.  

• Substantial Capital Expenditure

  Hairston Woods has benefited from ongoing capital improvements from the current and previous owners. Previous capital programs have targeted curb appeal, marketing, resident experience and addressed deferred maintenance.

• Opportunity to Push Rent to Market

  Competitors’ rents outpace subject’s market rents by $210+.  

• Opportunity to Increase Occupancy to Market

  Subject’s occupancy is below the competitive set’s average. An opportunity exists to create substantial value at Hairston Woods by driving occupancy and therefore increasing overall collections.

• Located in Qualified Opportunity Zone

  Federally Designated Qualified Opportunity Zone provides new ownership with several avenues for preferential tax treatment.   

• Proven Value-Add

  Opportunity to renovate 42 (17.5%) classic units and 123 (51.3%) partially renovated units to the fully renovated level and achieve $75+ premiums.

• Attractive Rent-to-Income Ratio

  Current in-place rents ($1,306) account for only 18.0% of monthly AHI within a three-mile radius. AHI exceeds $86K within three miles and $100k within five miles.

• Desirable and Spacious Unit Mix

  100% two-bedroom floor plans averaging 1,162 square feet

• Discount to Homeownership

  Monthly mortgage payment, taxes, and insurance ($3,112) for average home in area outpaces subject’s market rent ($1,256). With mortgage rates remaining elevated, renting continues to remain an attractive option for many residents within the submarket. 

• Improving Collections Through Recent State Legislation

  • Recent legislative developments on the state level aid landlords in property management and operations. Most notably HB 1203 allows landlord to employ privatized setouts via approved off-duty law enforcement officers.
  • A new owner of Hairston Woods will be able to draft off the new landlord-friendly legislation and grow net operating income through improved economic occupancy and collections.

Amenities