Property Description: The Grove Apartments is a 56-unit garden-style multifamily property in Dickson, TN. The Property has a mix of 36 one-bedrooms and 20 two bedrooms. The business plan is to renovate, reposition, stabilize, and sell this asset within 4 to 6 years. Part of the stabilization and repositioning plan is to bring back-online 12 units that were down at acquisition due to a flood. The renovation budget includes $550,000 for interior and exterior upgrades.
ASSET PROFILE:
Acquisition Date: June 2025
Units: 56 residential
Vintage: 1976
Asset Class: B Value-Add Multifamily
Strategy: Value-Add
Updates:
- The renovation for 20 units has been achieved. Target rents with existing tenants has been established. We are adding a laundry room with 5 washers and dryers units. We have received the permits to start construction on the 12 down units and are targeting the end of 2026, beginning of 2027 to bring them back online for rent.
- We refinanced the property for $14.2 Million. From acquisition till now we have invested $500K and created $900K in equity.
Investment Thesis:
- Off-market and under-managed acquisition at a discount to replacement cost
- Opportunity to professionalize operations and modernize interiors/increase rents
- Ability to bring 12 units back on-line following prior condemnation
Status:
- Renovating and repositioning
