B-Class community, 126 Units, Oakwood, GA
Property:
Audobon Crest is a B-class community comprised of 126 units. The property sits in a highly desirable location within Hall County, located in the city of Oakwood, giving residents the ability to commute easily between Gainesville & the Sugarloaf Business District for employment.
Strategy:
Reposition the property from a former “tax credit” (lower income) property into a market-rate property. Implement renovations and improvements along with strong management to improve the resident demographic.
Appeal to a much higher resident demographic who is looking for a better value than A+ luxury but wants to live in a fully amenitized property that is well run.
Highlights:
Our business plan includes the following improvements.
With a renovation budget of $1,069,000, we are upgrading all units to achieve market rents.
The property also has some external repairs that will be addressed in our budget help beautify the property and appeal to a more upscale tenant base.
We’ll also convert this to a “Green Asset” by installing energy saving devices such as low-flow toilets and LED lighting.
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