Two Properties Acquired in Two Markets, Utilizing Two Strategies
On June 21, 2021, Wilkinson closed on Fund 16’s second acquisition: Deercross Apartments, located in the Eagle Creek neighborhood of Indianapolis, IN. The property consists of 372 units spread across 31 buildings on 12 acres, and is located next door to one of our Fund 15 portfolio properties, Lakeside Crossing at Eagle Creek. Deercross is of the same vintage (1978) and was constructed as a sister property to Lakeside Crossing. We believe this value-add opportunity presents significant opportunity to quickly improve the condition and value of the property. Our purchase price is just under $80,000 per unit. By contrast, we believe neighboring Lakeside Crossing to be valued at over $100,000 per unit based on recent comparable sales in the market and current economic performance.
On July 14, 2021, Fund 16 acquired interests in The Crossings of Dawsonville, an upscale 216 unit apartment community located in a high population growth, high household income Atlanta area suburb. Completed in 2020, the community currently is >95% occupied while effective month rent is approximately $150 less per unit than area comparable units.
Rare Top-Quality Investment Opportunity
The Crossings of Dawsonville, completed in January 2020, is located “Above All” on a mountaintop in scenic Dawson County.
Three-bedroom floorplans are sought-after due to not being permitted in neighboring Forsyth County’s zoning regulations.
The amenity package includes a zero-entry saltwater pool surrounded by a sun deck and attractive paving.
A full-service fitness center, cinema, resident lounge/internet cafe, and children’s playroom complement the upscale leasing center/ clubhouse.