Franklin Street’s North Florida office has brokered the sale of a two-multifamily property portfolio in Valdosta, Georgia. The properties – Del Rey Terrace Apartments on the city’s Northside and nearby 12-unit townhouse properties in Whispering Pines were sold by their single owner to another single investor-owner. The deal is the company’s first in the Valdosta area.
The sellers, investors from the Fort Lauderdale, Florida area, have owned the properties since 2007. The buyers are single asset LLCs affiliated with AOTD Holdings of Oviedo, Florida.
Del Rey Terrace, located at 1616-1618 East Moore Rd., comprises 26 two-bedroom units with a total of 21,630 square feet. The Valdosta townhouses are two-bedroom, 1.5 bath units with a total of 13,000 rentable square feet. The townhouses are in six buildings on Toni Terrace, Ricardo St. and Langdale Dr. in the Whispering Pines neighborhood. The units were built in 1982.
Franklin Street listed the property in summer 2017 and the deal closed Wednesday, Jan. 31 at a total sales price of $1.151 million.
“The Valdosta area was slow to recover from the great recession, but apartment fundamentals, population growth and rent levels are returning to prerecession levels,” said Jim Reed, director of investment sales at Franklin Street, who brokered the deal on behalf of the seller. “AOTD has captured an opportunity to add value to the assets and significantly increase net operating income.”
The seller had performed significant exterior and interior renovations on Del Rey Terrace, including siding, windows, doors, exterior trim and a complete roof replacement. About half of the interiors were renovated with ceramic tile throughout and modern appliances. The buyer plans to continue the interior upgrades on all remaining units and will retain local management to operate the property.
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