Property

Lake St James Apartments Conyers, GA

Property
Type
Multi-Family
Investment Type
Property
Asset Profile
Value Add
Min. Investment
$50K
Estimated Hold
3-5Y
Target Return (IRR)
19%
Target Annual Cash
9.5%
Target Equity Multiple
2.2x
 

Offered By

RealSource Equity Services Elite Sponsor

Salt Lake City, UT

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Assets Under
Management

Currently
$558.8MM
Exited
$442.3MM
Portfolio LTV
71.1%
Historical
Realized Returns

Total IRR
27.2%
Equity Multiple
2.5x
Annual Cash
9.1%
Years Of
Experience

As Principals
30+ years
In Business
28 years
Size
25 Staff
* All information is reported by RealSource Equity Services as of 8/23/2017.
 

About this Property

RealSource is back with their 8th RealCrowd opportunity. The 484-unit Lake St James apartment community is located in Conyers, Georgia, a prime eastern Atlanta submarket with surging organic rent growth, value-add upside and an ideal location along the constrained I-20 corridor. Performance at the property has remained strong, achieving 11.5% year-over-year effective rent growth (Feb. 2016 v Feb. 2017).

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Key Points

  • Trailing 3 months income up 5.25% over T-12
  • $2.7m in value-add amenity and interior upgrades projected to add 45.5% in equity value
  • Currently ranked as the #2 RealSource rent growth market
  • Attractive 6.6% acquisition cap rate compared to 5.8% for the two most recent comparable sales (Costar)
  • Undermanaged with 82% of leases currently averaging 12.8% below market
  • Hurricane Irma Update: The current property manager reported today that damage was limited to a few trees in the area.
 

Financials

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Location Details

Conyers, GA

Lake St. James is strategically situated near major employers and retail. Its convenience to I-20 provides excellent accessibility to Atlanta’s primary employment centers including the Atlanta CBD, Hartsfield Jackson Airport, and Downtown Atlanta. Close to all the action, Lake St. James acts as a value alternative to higher priced rentals closer in town, filling an important niche.

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Documents

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Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The deadline to wire funds is 9/22/2017.

The first projected distribution is scheduled for November 2017.

Distributions are scheduled to go out on a monthly basis.

No, this offering is only available to US residents.

RealCrowd is free for investors. RealCrowd charges a technology access fee to the operating partner for our services. We do not charge investors any upfront fees, ongoing asset management fees or promote/carried interest in the investments.

RealCrowd offerings are open to accredited investors. RealCrowd does not recommend or advise on any offering on our platform. While we have minimum history and experience threshold for sponsors who post on our platform, if you are unable to perform your own due diligence, please consult with an attorney or financial advisor prior to making an investment.

RealCrowd is a marketplace that connects investors with qualified sponsors. We strive for transparency and impartiality. For this reason, we do not participate in any offerings on our site.

Have a Question?

Send RealSource Equity Services and/or RealCrowd a message. If you have a question about this offering ask RealSource Equity Services. If you have a question about the transaction process or other general inquiry, RealCrowd will be happy to help.

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In the meantime, you can create an account to view detailed information about Lake St James Apartments.

In the meantime, please review the offering documents and financials.

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