Value-Add Acquisition

Huntleigh Woods

Mobile, Alabama

Property Overview

 

Huntleigh Woods Apartments offers one- and two-bedroom apartment homes that feature a private patio or balcony, fully equipped kitchens with an efficient appliance package, and built-in shelving. Community amenities include a pool with a large sundeck, Amazon lockers, a bocce ball court, a dog park, and a pet spa.

Investment Overview

 

Huntleigh Woods, Southern Oaks, and Ashford Place, three garden-style communities located in the sought-after West Mobile, Alabama submarket, were acquired together as the last three assets of Fund I. StoneRiver carried out a modernization of the unit interiors and concentrated on enhancing onsite management, amenities, property landscaping, and the overall resident experience.
Location
Mobile, Alabama
Property Type
Garden Style Apartments
Project Type
Value-Add
Year Built
1977
# of Units
233
Date Acquired
June 2018
Date Sold
July 2022

Investment Rationale

Appealing Basis – Huntleigh Woods was bought for less than the cost of replacement and recent trades of similar properties in the market.

 

Value-Add Renovations – StoneRiver upgraded the interiors of the units by adding new appliances, vinyl plank flooring, resurfaced countertops, updated bathroom and kitchen interior lighting packages, and installed washers and dryers in every unit. StoneRiver made improvements to the property’s amenities, such as renovating the pool, expanding the fitness center, enlarging the grilling station, improving the dog park, adding a pet washing station, and installing a new fire pit. In addition, StoneRiver updated its exteriors by replacing roofs, overhauling the property landscaping, installing new signage and maintenance shed, and addressing minor deferred maintenance needs.

 

Management Upgrade – StoneRiver Property Management’s institutional approach greatly improved the management and day-to-day operations of these Mobile assets, increasing rents and other income.