View Large
The Kings Property acquisition was a little out of our San Diego zip code but offered a unique opportunity to acquire 204 units well below market and replacement cost with a strong value-add component in Lexington, KY. These properties are uniquely located several miles from the University of Kentucky, UK Healthcare, and Lexmark which are strong job creators in the area. The plan is to hold the property for 3-5 years to maximize growth in equity value from increased operating income, control and minimize operating expenses, possibly refinancing the acquisition debt in order to return most investor equity while continuing to realize returns over 8%. Once stabilized, this property could return a total ROI over 100% and an IRR above 20%!
