Acquisition of Preston Court

10-unit multifamily apartment complex closed December 22nd, 2021

Convolo Capital, a private equity real estate firm specializing in multifamily investments, has expanded into the Georgia market with the acquisition of a 10-unit multifamily apartment complex on December 22nd, 2021.

This marks their first multifamily investment as a sponsor team and their eighth among all sponsored deals. Named Preston Court, the property aligns with Convolo Capital's investment strategy, focusing on value-add opportunities with strong cash flow and management potential in high-demand sub-markets.

Preston Court boasts well-maintained units with minimal deferred maintenance and a desirable mix of three-bedroom, three-bathroom layouts. Situated along the thriving I-85 corridor, the property benefits from proximity to major industrial developments, including an Amazon distribution center and a newly constructed EV Battery Plant.

The region's robust growth, evidenced by double-digit year-over-year rent increases, presents an opportune environment for investment. The primary focus of the business plan is on management optimization and property enhancements. Planned exterior improvements include signage updates, gutter cleaning, parking lot maintenance, and landscaping enhancements to enhance curb appeal. Interior renovations will involve kitchen upgrades, bathroom enhancements, and modernization of select units.

Convolo Capital's underwriting approach aims to capture additional value through annual re-leasing and exploring corporate rental strategies. Management anticipates clear upside potential through strategic renovations, attentive asset management, and professional property oversight.

Located within close proximity to major retail and dining destinations, Preston Court offers residents convenient access to employment centers and amenities. With a strong population growth trajectory and favorable economic indicators, North Georgia presents an attractive investment landscape for Convolo Capital.