Augusta Arms Apartments is a C class property, located in a C class area in Lexington, Kentucky, one of the most desirable places to live in the country. Lexington enjoys a strong economy with diverse employers, such as the University of Kentucky, Toyota and Lexmark. The property was purchased at auction for well under market value. Upon purchase, we executed a self-funding multi-faceted strategy to renovate and reposition the property. Since acquisition, monthly collections more than doubled and operating profit grew from breakeven to nearly $400K per year. This property was sold in November of 2016, providing a cumulative 15% average annual return to investors.
Average Cash: 15% annual rate
Number Of Units: 155 State: Kentucky
Purchase Date: December 2011
Sold Date: November 2016