Capital event doubleheader! – Loop Content Rollover

Our acquisitions/dispositions team had a busy day today with two transactions: we bought one property and sold another. These two capital events keep us on pace to close $3 billion in transactions before the end of 2022.

This morning, we added to our portfolio after closing on the $105 million acquisition of Flats at Perimeter Place in Atlanta. This property is located in the Dunwoody neighborhood near the popular Perimeter Mall featuring convenient shopping and dining attractions.

Partner and area manager Payton Stone will be leading the new team, including:

Amber Troutman – manager
Alexandria Miller – manager
Danee Trowell – sales associate
Johnnie Russell – turn tech
Jimmy Langley – turn tech
Larry Hudson – grounds

The transactions continued into the afternoon, with the $87.5 million sale of Firestone West 7^th in Ft. Worth, TX. We purchased this property in 2019 for $60.8 million. Over the three and a half years of ownership, we increased the value of the property by $26.75 million!

This property was at 70 percent economic occupancy in April 2021, but the team rebounded and exceeded a April 2022 target of $605k one month early with revenue of $614k in March. Thanks to their efforts, we were able to achieve the following impressive results:

Improved net operating income by $2 million since acquisition.
Other income increased by $838k (177 percent) since acquisition.
Combined total of $62,190 annual rent roll growth through November 2022.
Including the original investment of $11.5 million, we will have returned an estimated $26 million back to investors, a 126 percent return.
Estimated 28 percent IRR.

“Our success begins with our people and our productivity,” said regional head Dan Pisegna. “This team was no exception.”

Congratulations to the Firestone team who made it happen!