10/18/2023
🏡 Epsilon Apartments in Mobile: Transformed from a dangerous eyesore to a boutique nomadic worker community!
🌆 Original underwriting was for a vacant 100-year-old D-class property to be redeveloped into a B-class apartment building, however, Epsilon took an innovative turn when we catered to Travel Nurses. After looking at healthcare locations and lodging comps, we started with just one studio apartment.
📊 After a successful pilot, the remaining apartments underwent additional renovations and were tastefully furnished for traveling professionals, the 5-unit property became a haven for Travel Nurses and Corporate Travelers. Our focus was on fostering a vibrant and unique community spirit for like-minded working temporary residents. After acquiring for $95,000 in 2020, and $300,000 invested in improvements the asset was stabilized at 12.5% UYOC.
🎉 In 2023, our journey with Epsilon culminated with a $700,000 sale to an out-of-state 1031 investor. That exit at a 7.25% cap rate and the new business plan of corporate housing resulted in 34.8% profit.
OPMI: Focusing on the potential in Properties, Places, and People. Please reach out if you have an opportunity you believe would be a good fit for us.
Special thanks to the incredible individuals who made it all possible:
→ Deal sourced by: Todd Brown
→ Seller Representation: Steven Christopher Rowe
→ Buyer's Agent: Heather Colson - Realtor - Wellhouse Real Estate
→ Revitalize Realty: & Melissa Fowler Frye
→ Listing Service: Furnished Finder
→ Talented Contractors: Jimmy Deitz (AOE - Air of Excellence), Greg Smith (Roto Rooter Plumbing & Drain Services), Jerry Jackson (Professional Roofing & Construction ), Jon Jeffress (Deep South Focus), Mike Roberts & Caleb Horn (Eagle Electrical Services Inc), Katherine Gibson (floor plan design), David Sumrall (Carpet Specialist of Mobile, Inc.)
