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Coleman Place Apartments
​Closing Update

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Sunbelt Fund II Updates > Coleman Place Apartments Closing Update

Coleman Place Apartments


Coleman Place Apartments is a 95-unit complex in Anniston, AL. The property is a 1973 build that has little deferred maintenance, allowing us to finish repositioning the asset by way of the $100+ per month  proven rental premium value-add program.  As with all our acquisitions, we will leverage our highly experienced in-house property management team to maximize the property’s performance and returns. ​​

Transaction highlights for the Coleman Place Apartments Acquisition

  • Coleman is located just minutes from premier retailers like Sam’s Club, Best Buy, Target, Dick’s Sporting Goods, and Publix, and dining such as Chick-fil-A, Dunkin’, Panda Express, Five Guys, Moe’s, Olive Garden, and Longhorn Steakhouse. Additionally, the location offers convenient access to Jacksonville State, the Quinard Mall, and the Exchange.  Anniston is almost equidistant to both Birmingham AL and Atlanta GA and commutable to both. 
  • Along with the increase in revenue, we are set to benefit from a 2+ year repositioning effort started by the prior owners.  At the time of prior ownership’s take-over, the average rents were in the $500s, the property had a bad reputation in the area for rude management and poor maintenance response times, and much of the resident base was non-paying.  After cleaning house, rebranding the property, and hiring competent management and maintenance personnel, the property has increased average rents to the low $700’s, boasts strong Google and Apartments.com reviews, and is recognized as the nicest community in the immediate area.  
  • Coleman Place’s location features strong 1- and 3-mile annual median incomes (“AMI”) despite being located in a tertiary market in Alabama.  Coleman Place’s 1-mile AMI is $53,628 and the 3-mile AMI is $38,788. 
  • At the time of first pass underwriting in early November 2020, the property’s average trailing-12 (T12) month income was $55,755 while the average trailing-3 (T3) month income was $67,335, a 20.7% increase. Recognizing and capitalizing on this trend, a trend driven by an improved occupancy and collections, we underwrote to this higher level while keeping a close eye on the collections during the initial stages of our contract period.  By February 2021, the property’s average T3 revenue had risen to $70,160, a 4.2% increase from the prior T3 level or a 25.8% increase from the initial T12 level.  By identifying the positive trend, we were able to acquire the asset below where it would have traded this Spring 2021.

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The information contained on the Ballastrock.com web site has been prepared by Ballast Rock Holdings LLC (“Ballast Rock”) without reference to any particular user’s investment requirements or financial situation. Potential investors are encouraged to consult with professional tax, legal, and financial advisors before making any investment into a private offering of securities.  An investment in private securities would be speculative and would involve a high degree of risk. Investors must be prepared to bear the economic risk of such an investment for an indefinite period of time and be able to withstand a total loss of their investment. Please consider carefully the investment objectives, risks, transaction costs, and other expenses related to an investment prior to deciding to invest.  All private placements of securities and other broker dealer activities are currently offered through a partnership with Independent Brokerage Solutions LLC MEMBER: FINRA / SIPC (“IndieBrokers”), which is located at 485 Madison Avenue 15th Floor New York, NY 10022. (212) 751-4424. Ballast Rock Holdings LLC and its affiliates are independent and unaffiliated with IndieBrokers.  Any securities transactions or related activities offered by Ballast Rock associated persons are conducted in their capacities as registered representatives of IndieBrokers.  Please see our Form CRS. 
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  • Home
  • What We Do
    • Real Estate >
      • Multifamily
    • Ventures >
      • Acronym Venture Capital
      • Louisiana Green Fuels
    • Capital Advisory
  • About Us
    • Our Story
    • Leadership
  • Fund Updates
    • Acronym VC Fund
    • Louisiana Green Fuels
    • Sunbelt Fund II
    • Sunbelt Fund I
  • Education
    • Portal "How To"
    • Corporate Deck
    • Articles
    • Press >
      • Lument Workforce Housing Webcast
      • CoStar Gleneagle Article
      • CoStar Coleman Article
      • Multifamily Executive
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