Property Description: The Grove Apartments is a 51-unit garden-style multifamily property in the Dyersburg, TN. The Property has a mix of 14 one-bedrooms, 14 two bedrooms, 22 three-bedrooms and 1 office with an average floorplan size of 700 SF. The business plan is to renovate, reposition, stabilize, and sell this asset within 4 to 6 years. The renovation budget includes $500,000 for interior and minor exterior upgrades
ASSET PROFILE:
Acquisition Date: October 2024
Units: 50 residential, 1 office
Vintage: 1973
Asset Class: B Value-Add Multifamily
Strategy: Value-Add
Investment Thesis:
- Off-market or under-managed acquisition at a discount to replacement cost
- Opportunity to professionalize operations and modernize interiors/increase rents
Updates:
- 60% of the units have been completely renovated. We are converting the office space into 2 more 1-bedroom units, taking our total unit count to 52. We have achieved target rent and will continue with an additional 4% increase for 2026.
Status:
Renovation and reposition largely complete. Continuing to maximize NOI through rent increases, operational improvements to prepare for a sale or refinance