Equity Multiple Return
Property Type: Multifamily
Sold in Q3 2018, The Villas at Bon Secour is a 200 unit multifamily garden-style community built in 2008. The 11 acre site is located is just minutes away from Bon Secour Bay and Gulf Shore Public Beach in Alabama. There are 36 units that have pool/courtyard views, 42 standard views, and 20 private views. Amenities on site include washer/ dryer connections with 102 in-unit, balcony/patios, nine foot ceilings, business center, dog park, swimming pool, fitness center, and gated/controlled access.
During the investment period, joint-partner Adams LaSalle Realty implemented a light value-add renovation to the property that included various cures to deferred maintenance, renovations to common areas and light upgrades to unit interiors.