Forest at Chasewood
220 unit multifamily property located in an emerging section of the Charlotte market.
- The Forest at Chasewood was an underperforming multifamily property. Our due diligence confirmed that the physical asset was in fair condition and that property management was lacking. However, the location was clearly improving with new developments in the immediately surrounding area. - The ownership acquired this property for approximately $9 million dollars and made some minor cosmetic improvements, including implementing a new management and marketing program - Within twelve months, the NOI increased dramatically and after 18 months of solid performance, the property was sold for $12,800,000, resulting in an IRR in excess of 50%
- The Forest at Chasewood was acquired from a lender in June 2013
- The asset was built in 1985 and was undergoing upgrades to the common areas, building exteriors and amenities, as well as physical improvements to the unit interiors
- The Forest at Chasewood is located in a growing part of Southeast Charlotte and is approximately five miles from Southpark Mall
Other Case Studies
Fortune Blvd & Quarry Drive