DeVanDylan Acquires Property Near Atlanta Airport
The firm invests in undervalued and undermanaged properties with the goal of updating them.
DeVanDylan Capital Partners has acquired Willow Park Apartments, a community in the Atlanta suburb of Forest Park, Ga., for $10.3 million. Situated at 1466 Rockcut Road, the property features 108 units across 14 buildings situated on 10 acres of park land.
The workforce community is located three miles from Hartsfield-Jackson Atlanta International Airport, which is the world’s busiest, employing some 60,000 people.
Built in 1969, Willow Park offers air conditioning, high-speed internet access and balconies or patios, as well as an onsite fitness center.
“This was a nail biter type of deal,” Steve Morrows, founder & CEO of DVD, told Multi-Housing News. “The deal had an assumable 3.2 percent loan, with 10 years left to go, which was the main attraction of the deal. The other attraction is it’s a distressed property. I have a team in the area, know the area and knew what it could become. It had a collection issue, and I was able to get a price commensurate with the value.”
The acquisition required $6.6 million in equity, which Morrows partly raised from past investors. A private equity group invested $2.2 million in the project.
“Going forward, what we’re doing is taking this Class C property with great bones and turning it into a Class B property,” Morrows said, noting that the company is replacing roofs and facades, encasing the railing in modern woodwork and reimagining the amenity area, as well as upgrading apartment interiors and adding high-tech security features. The community will be rechristened “Copa Parquet Apartment Homes.”
“The value of the property will increase,” Morrows said. “And we’re giving back to the community some renovated and refurbished housing.”
Two months ago, a Toll Brothers joint venture unveiled Notion, a property in Decatur, Ga.