Located in the affluent Homewood submarket, this 160-unit apartment complex features proximity to highly rated schools and easy access to downtown. The property was purchased from the original developer who made only modest upgrades over the span of four decades. Our repositioning program included the addition of a suite of amenities including a renovated clubhouse, pool, a new fitness center, outdoor BBQ kitchen, firepit lounge, game lounge and dog park.
MUSS VALUE ADD
Capital improvements to common areas, amenities and apartment interiors. Improved management and new branding.
PROPERTY OVERVIEW
Located in the affluent Homewood submarket, this 160-unit apartment complex features proximity to highly rated schools and easy access to downtown. The property was purchased from the original developer who made only modest upgrades over the span of four decades. Our repositioning program included the addition of a suite of amenities including a renovated clubhouse, pool, a new fitness center, outdoor BBQ kitchen, firepit lounge, game lounge and dog park.
INVESTMENT STRATEGY
Birmingham is an attractive market for several reasons, including recent growth owing to an influx of new companies attracting a younger demographic to a quality lifestyle at a lower cost. Strategically located in the southeast, it offers easy proximity to Atlanta, Huntsville, Chattanooga, Montgomery and Nashville. Consequently, the city has emerged as a regional logistics hub with Amazon, Lowe’s, FedEx and Carvana all establishing an important presence in the area.
We purchased Hickory Knoll from the original developer and recognized an opportunity to add value by renovating key exterior and interior spaces with an eye toward targeting higher-end renters. A contemporary, approach and upscale aesthetic have resulted in a fully remodeled clubhouse with a desirable work-from-home café and a resort-style pool area. The capital program also includes a new fitness center with state-of-the-art equipment, a new game lounge, and a fire pit lounge – all designed to appeal to the sense of community desired by this demographic.
As units are vacated, interiors will be upgraded with new stainless kitchen appliances, new countertops, modernized baths, contemporary flooring and designer paint colors to appeal to young professionals.
A newly launched branding strategy and marketing program highlighting the major capital program, reintroduces and repositions the property in the marketplace. We anticipate a significant jump in rents and a corresponding ROI.
- Property Type: residential
- Size: 160 Units