Investor Presentaiton
Value-Add Case Study: Mississippi Portfolio
Southhaven, MS
PROPERTY DESCRIPTION
2 class B multi-family properties located
in Southaven, Mississippi.
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Built in 2002, 2005 and 2006
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776 total units
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324 units have been renovated as of
7/31/2020.
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PAGE 17
Property
Civic Center 1
Civic Center 2
ウ
BRT
APARTMENTS
ACQUISITION DATA
Civic Center 1 purchased for $35mm, or
$89,286, per unit
Civic Center 2 purchased for $38.205mm, or
$99,492, per unit
Blended acquisition cap rate of 6.1% (based
on projected NOI and total cost)
Civic 1 capex budget of $1.940,400 or
$4,950, per unit
Civic 2 capex budget of $1,655,800 or
per unit 4,312, per unit
VALUE ADD UPGRADES
Upgraded interior units with new cabinet
doors, resurface countertop, new lighting
fixtures, new vinyl flooring in the kitchens
and bathrooms, new paint color scheme,
new USB outlets in Kitchen. Some units
also received a new appliance package in
the kitchen.
■ Targeted upgrades that result in the highest
return on investment.
Before Renovation
After Renovation
VALUE ADD PROGRAM
RETURN ON INVESTMENT
Average Cost Per Unit
Average Rent Increase
ROI
$4,282
$4,601
$92
$103
26%
27%View entire presentation