Abbey Lake is 152 unit apartment community in Thomasville, GA
Property:
Abbey Lake is 152 unit apartment community constructed in 1975 and 2010 located in Thomasville, GA on the Georgia-Florida line. This is a, stabilized asset with a competitive amenity packages that includes a renovated club house with leasing office, 2 pools, dog park and large green space.
Thomasville is strategically located on six four-lane divided highways that serve the two fastest growing states in the country. Thomasville serves a population of 155,000. It provides jobs for 40 percent of the broader area population.
Strategy:
Maximize rental income through the implementing a capital improvement plan to enhance the overall appeal and marketability of the Property and bring rents to already proven market levels.
Highlights:
Our business plan includes the following improvements.
Prior management had not implemented best practices designed to bring rents up to market levels. We’ve been able to raise all unit types up to market rates for the area and continue to keep up with local rent increases.
We’ve addressed a large amount of deferred maintenance and cosmetic upgrades including replacement of all windows and sliding glass doors, exterior painting, repair and reseal the parking lot, as well as landscaping throughout the property.
Improving exterior appearances has attracted higher quality tenants, facilitate leasing, justify higher rents and shortening turnover time, all of which has improved our operating income tremendously.
In addition to improving the current property and operations, there is ample space for us to build 36 additional units.
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